Ethena worth reaches new all-time excessive: Right here’s why ENA is surging

• Ethena (ENA) worth reached highs of $1.49, surging greater than 18% in 24 hours as most altcoins struggled.
• Bullish sentiment amid new staking rewards for ENA holders might push ENA worth greater.

Ethena (ENA) traded to highs of $1.49 on Wednesday, its all-time excessive that sees the lately launched crypto challenge rising in the direction of the highest 50 cryptocurrencies by market cap.

In response to knowledge from CoinGecko, Ethena ranked 58th largest with a market cap of over $2.07 billion. The token’s worth was round $1.45 on the time of writing, 18% up prior to now 24 hours and almost 30% up this previous week.

Why is Ethena worth surging as we speak?

Right this moment’s positive aspects for ENA got here as Bitcoin hovered close to a key degree following latest declines. Prime altcoins additionally dropped because the crypto market mirrored shares, with main US indices slipping amid hit CPI knowledge and US President Joe Biden’s feedback on rate of interest cuts.

Whereas BTC, ETH and different tokens struggled, ENA worth benefitted from a spike in staking. Ethena (ENA) is the native token of Ethena Labs, an artificial greenback protocol on Ethereum. USDe is a yield bearing stablecoin.

An announcement earlier this week of elevated reward for stakers seems to have spurred exercise, together with from prime Ethena whales. On Wednesday, Ethena Labs introduced integration with prime trade wallets, together with Binance Web3, Bybit, OKX Pockets and Bitget Pockets.

Customers who lock up their USDe for at least 7 days through any of those trade Web3 wallets will likely be eligible for a 20% enhance on their reward.  

On Monday, the protocol rolled out its “Season 2” staking rewards, with customers locking 50% or extra of their tokens will likely be eligible to a 50% enhance to their reward.

Right this moment we introduce $ENA into Season 2 with the intention to extra intently align the expansion in USDe with $ENA

Customers who lock $ENA at a minimal of fifty% of their whole USDe holdings per pockets will obtain

i) 50% enhance of their rewards
ii) the best variety of rewards per day of any pool pic.twitter.com/zxVmpGZSN6

— Ethena Labs (@ethena_labs) April 8, 2024

In response to on-chain knowledge shared by Lookonchain, a number of whales have withdrawn tens of millions of ENA from exchanges and staked for the reason that announcement of Season 2 rewards.

Ethena lately unveiled a 750 million ENA airdrop for its group.