- Ethena (ENA) price surged more than 18% in 24 hours, reaching a high of $1.49, while most altcoins were struggling.
- Optimistic sentiments about new staking rewards for ENA holders could push ENA price higher.
Ethena (ENA) traded at a record high of $1.49 on Wednesday, an all-time high that sees the recently launched cryptocurrency project rise to the top 50 cryptocurrencies by market capitalization.
Ethena ranks 58th, according to data from CoinGecko.Day It is the largest with a market capitalization of $2.07 billion. At the time of this writing, the token was worth around $1.45, up 18% in the last 24 hours and almost 30% in the past week.
Why is Ethena price soaring today?
ENA’s gains today come as Bitcoin hovers near a key level after its recent decline. Top altcoins also fell as cryptocurrency markets mirrored stocks, with major US indices falling due to a hit in CPI data and US President Joe Biden’s interest rate cut comments.
While BTC, ETH, and other tokens suffered, ENA price benefited from a surge in staking. Ethena (ENA) is the native token of Ethena Labs, Ethereum’s synthetic dollar protocol. USDe is a stablecoin with a yield.
The announcement of increased rewards for stakers earlier this week appears to have spurred activity, including on the Ethena whale. On Wednesdays, Ethena Labs presentation Integrates with top exchange wallets including Binance Web3, Bybit, OKX Wallet, and Bitget Wallet.
These exchange Web3 wallets allow users who lock their USDe for at least 7 days to receive a 20% boost to their rewards.
On Monday, the protocol launched its “Season 2” staking rewards, in which rewards can be increased by 50% if users lock up more than 50% of their tokens.
I’ll introduce you today $ this Season 2 to more closely align with USDe’s growth $ this
locking user $ this You will receive at least 50% of your total USDe holdings per wallet.
i) 50% increase in rewards
ii) Maximum number of daily rewards among all pools pic.twitter.com/zxVmpGZSN6— Athena Labs (@ethena_labs) April 8, 2024
According to Onchain Data shared by LookonchainSince the announcement of Season 2 rewards, several whales have withdrawn and staked millions of ENA from exchanges.
Ethena recently released 750 million ENA airdrops for the community.