Ethena Price Surges 97% in One Week Amid Staking Function Hype

The Ethena price is up 97% in a week and 18% in the past 24 hours to trade for $1.288 as of 04:20 a.m. EST time on trading volume that soared 95%.

It comes amid hype around the staking function of the ENA token.

?What happened in Crypto in the last 12h??

– Binance listing $SAGA
– $ENA Staking
– $RON Buyback
– $TON Web3 phone & Roadmap
– $T Big news (tBTC)
– $DEGEN 10M grants
– $HIGH Countdown 3 days

?

• $SAGA is scheduled to be listed on Binance at 08:00 UTC on April 9th. Saga… pic.twitter.com/BzSXTgwXKT

— Layergg (@layerggofficial) April 9, 2024

“Users who lock $ENA at a minimum of 50% of their total USDe holdings per wallet will receive a 50% increase in their rewards and the highest number of rewards per day of any pool,” Ethena Labs said in a post on X.

Today we introduce $ENA into Season 2 in order to more closely align the growth in USDe with $ENA

Users who lock $ENA at a minimum of 50% of their total USDe holdings per wallet will receive

i) 50% increase in their rewards
ii) the highest number of rewards per day of any pool pic.twitter.com/zxVmpGZSN6

— Ethena Labs (@ethena_labs) April 8, 2024

It also follows the increased allocation from MakerDAO into Ethena Labs, with an additional $100 million of capacity open immediately. Notably, up to $600 million has already been approved for deployment.

An upcoming Executive Vote will introduce key parameter changes to @sparkdotfi’s DAI liquidity deployment on Morpho Blue.

The proposal aims to increase the Direct Deposit Module debt ceiling to 1 billion DAI, with an initial allocation of 600 million DAI, as recommended by the…

— Maker (@MakerDAO) April 3, 2024

Meanwhile, the Ethena Labs community has issued a community call, allowing the first registrants to participate in Season 2 by registering for “ENA’s Early Adopter Rewards.”

Community call $OLAS $USDe $sUSDe $FET: we're allowing the first registrants to participate in Season 2 by registering for $ENA's Early Adopter Rewards.

Only those who register within the next 24 hours will be deemed eligibile.

Get started… ⤵https://t.co/9ItK51L8Ym

— Ethena Labs (@luckyfinproject) April 9, 2024

Elsewhere, web3 data analysis tool Lookonchain has observed that the Ethena price has increased by almost 100% since the project went live. Lookonchain also notes that a wallet deposited 62.5 million ENA tokens worth nearly $84 million to Binance in the last 12 hours.

The price of $ENA has increased by ~100% since its launch!

A wallet deposited 62.5M $ENA($83.75M) to #Binance 6 hours ago.

This wallet received the 62.5M $ENA($83.75M) from the Gnosis Safe Proxy wallet of the #Ethena team 4 days ago.https://t.co/Uur1QpVC4S pic.twitter.com/AuoLCStQ8u

— Lookonchain (@lookonchain) April 9, 2024

Notably, depositing tokens to exchanges is often interpreted as an intention to sell, which could bode negatively for the Ethena price.

Ethena Price Prediction

The Ethena price is trading with a bullish bias, consolidating above an ascending trendline. This bullish outlook is reinforced by the Parabolic Stop and Reverse (SAR) indicator, which is tracking the BTC price from below. As long as this price-tracking indicator trails the asset from below, the odds will favor the upside.

However, while the governing chart outlook is limited, it is imperative to note that the Ethena price remains rangebound, stuck between $0.861 and $1.405. With the upside potential capped at $1.405, the ENA market could be primed for a correction. This could see a mean reversal take place, where the Ethena price reverts back to the middle of the market range, marked by the 50% Fibonacci retracement level of $1.133.

Notice the subdued Relative Strength Index (RSI), which is moving horizontally to show momentum is stalling. Nevertheless, its position above the ‘50’ mean level shows the market is still bullish. This is reinforced by the position of both the Moving Average Convergence Divergence (MACD) and its histograms in positive territory.

Increased buying pressure could see the Ethena price break above the $1.405 blockade, extending the gains to record a higher market peak.

TradingView: ENA/USDT 4-hour chart

Converse Case

On the other hand, if the bears take over the market, the Ethena price could drop based on the aforementioned mean reversal theory. While a breakdown below the 50% Fibonacci placeholder at $1.133 would be dire, the bullish outlook will only be invalidated upon a 4-hour candlestick close below the bottom of the market range at $0.861.

The aforementioned move would signify a lower low relative to what was recorded on April 5 as shown in the chart above. This would encourage more sell orders, likely sending the Ethena price lower.

For investors willing to trade higher risk for a greater potential reward, the Solana meme coin Slothana is one of the hottest assets to consider.

Promising Alternative To Ethena

Meme coins, particularly those running on the Solana blockchain, are dominating the crypto narrative right now.

Among the hottest tokens on the Solana network is Slothana (SLOTH), featuring a 420-friendly sloth with big ambitions. In just a few days, investors have pumped over $10 million into the Slothana ICO. It comes as they aim to capture the same early success seen with other Solana meme tokens like SLERF, WIF, and BONK.

The allure of the Slothana project lies in its laid-back character, living and lounging on the blockchain.

Drawing inspiration from the successes of established Solana meme coins like BOME and SLERF, Slothana aims to replicate their impressive growth. While not yet available for trading on exchanges, $SLOTH plans listings on both decentralized (DEX) and centralized (CEX) platforms.

?? Attention, fellow sloths! Poll time. Should we launch on DEX only, embracing the true spirit of decentralization and lazy trading? Or should we go full throttle, hitting up both CEX and DEX like the overachieving sloths we could be? Cast your vote below #slothana #memecoin

— Slothana (@SlothanaCoin) March 29, 2024

This could be an opportunity for early investors, as some meme tokens have experienced significant price increases upon exchange listing.

The current bullish crypto market, with eyes trained on the BTC halving, makes early investments in projects like Slothana particularly attractive. Leveraging this trend and potentially securing a listing on a major exchange like Binance could position Slothana as a prime investment opportunity in 2024.

?Thanks to you lazy sloths for casting your votes in our recent poll! ? Your voices have been heard loud and clear, and now it's time for us to get to work on delivering to our loyal followers. Stay tuned as we hustle (well, sloth-crawl) to make it happen! #Slothana #memecoin

— Slothana (@SlothanaCoin) April 5, 2024

With Slothana already generating millions in presale funding within just a week, it has the potential to emulate the success seen in other Solana meme coins and achieve explosive growth.

? Exciting news, fellow lazy sloths! Our 'Lazy Sloth Buy Widget' is now LIVE on Slothana's site! ?? No more excuses – even the laziest among us can now send SOL with ease. Say no to slovenly sloth and yes to crypto chad lambo time!? #Slothana #LazyCrypto #MemeCoin

— Slothana (@SlothanaCoin) March 27, 2024

One SOL buys 10,000 $SLOTH, which means each token has an approximate price of $0.017568 at the time of writing.

Visit and buy Slothana here.

Also Read:

• How to Buy Slothana – SLOTH Presale Review
• 420-Friendly Solana Meme Coin Slothana Raises $10 Million As ICO Clock Ticks Down
• Could Slothana Potentially Be the Next 100x Solana Presale Gem and Surpass SLERF?
• Top 3 Presale Gems with 100x Potential – 5th Scape, Dogecoin20, and Slothana
• Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!