BitMEX founder Arthur Hayes predicts that new decentralized finance (DeFi) altcoin projects will stage a massive rally once the broader cryptocurrency market resumes its upward trend.
Hayes is predict Ethena (ENA), the governance token launched by Ethena Labs for the project’s DeFi protocol, could soar more than 817% from its current value.
Hayes is one of the investors in the project, along with investment giant Franklin Templeton, digital asset manager Galaxy Digital and Binance Labs.
“Congratulations to Ethena Labs on their successful Token Generation Event (TGE). If this is what ENA is worth when the market pukes, imagine how much higher ENA will be worth when we reopen! ENA = $10. “It’s just math.”
At the time of this writing, ENA is trading at $1.09, up more than 25% in the last 24 hours.
The Ethena Labs project also includes a revenue-generating “synthetic dollar” token, USDe. The project aims to create a stable and scalable form of money in the cryptocurrency space without relying on traditional banking systems.
A number of cryptocurrency exchanges have listed the token for trading, including the world’s leading exchange, Binance. Prior to its listing, ENA became Binance’s 50th project added to the Launchpool platform, allowing users to stake their coins to produce new assets.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3