- Ethena (ENA) outperforms all prime 100 cryptos, right here is why
- Ethena’s USDe cements itself as third largest stablecoin
Whereas the remainder of cryptocurrencies are struggling to develop within the pessimistic market, Ethena’s ENA, catalyzed by some on-chain information, is rocketing at this time. In only a few hours, Ethena’s (ENA) value on spot exchanges jumped from $0.41 to $0.47.
Ethena (ENA) outperforms all prime 100 cryptos, right here is why
Ethena (ENA), the core native cryptocurrency asset of an on-chain stablecoin protocol, is one of the best performer throughout all prime 100 cryptocurrencies at this time. Whereas the market benchmark is simply up by 1.77%, ENA’s value added virtually 9% in 24 hours.
Right now within the early morning hours, the value of Ethena (ENA) peaked at $0.47, whereas the capitalization of the asset reached $3.35 billion. ENA is now the thirty second largest crypto by market cap.
The truth that crypto lovers noticed that Ethena’s founder Man Younger bought $25 million value of ENA on the open market could be behind the upsurge of ENA.
Additionally, Andrew Kang, a cryptocurrency entrepreneur and investor, co-founder of prime VC agency Mechanism Capital, nonetheless has his ENA lengthy opened.
Mixed, these elements are handled as bullish indicators by the market.
Ethena’s USDe cements itself as third largest stablecoin
Along with Hyperliquid, Polymarket and EigenLayer, Ethena is among the many most talked-about protocols of this crypto cycle.
The venture affords its personal stablecoin USDe in addition to “white label” infrastructure for stablecoin improvement on third get together platforms.
USDe is the biggest stablecoin alongside the USDT/USDC duopoly. Its capitalization exceeds $12 billion, whereas its closest competitor DAI sits at $5 billion.