As soon as the Ethena token went live for trading on leading cryptocurrency exchanges following an airdrop, its value surged to $1.
Within two hours of its successful airdrop, ENA, the native cryptocurrency of the Ethereum-based synthetic dollar protocol Ethena, recorded a substantial 53% increase. As of press time, Ethena (ENA) is trading at $0.8846, and its initial public offering market capitalization surpassed $0.126 billion.Â
Ethena (ENA) Airdrop Achieves Significant Success
The highly anticipated Ethena Labs airdrop commenced on April 2, wherein eligible wallets received ENA tokens valued at $450 million. The complete airdrop allocation was effectively distributed, according to an announcement by Ethena Labs made at 7:17 am UTC on the same day.Â
As per the analysis of on-chain data conducted by Arkham Intelligence, the recipient of the Ethena Labs airdrop in the largest quantity was granted an impressive amount of approximately $2 million in ENA tokens. In the amount of $1.96 million worth of 3.3 million ENA tokens, wallet 0xb56 was identified as the recipient.Â
The Ethena Labs airdrop went live 2 hours ago, with $450M of ENA to distribute.
The largest $ENA recipient so far has been 0xb56, who received 3.30M ENA worth $1.96M.
Track ENA on Arkham:https://t.co/coFsTcBUCa https://t.co/RSZwXLhCB6 pic.twitter.com/l6c7bqKghG
— Arkham (@ArkhamIntel) April 2, 2024Dune Analytics data indicates that there are presently 22,200 claimants of the ENA tokens that were airdropped. As of press time, 236 686 283 ENA have been claimed, representing 32% of the $750 million ENA secured for airdrop.Â
Ethena functions as a synthetic dollar protocol integrated into the Ethereum blockchain, offering a decentralized alternative to traditional financial services in the form of cryptocurrencies.
The USDe synthetic currency and the ‘Internet Bond’ savings instrument are components of its ecosystem. USDe is distinguished by its stability, censorship resistance, and Ethereum collateral protection.Â
According to the homepage of Ethena Labs, more than 123,000 individuals have secured a total of $1.6 billion using USDe, which has a staggering 35.4% yield. USDe has risen by 135 percent in market capitalization over the past month, reaching $1.58 billion, placing it fifth among stablecoins.Â
ENA 10x Price Rally Possible
The Ethena token became immediately tradable on prominent centralized cryptocurrency exchanges, including Binance, Bybit, KuCoin, HTX, MEXC, and BitMart, following the launch of the airdrop claim page.Â
The Binance Launchpool announced the introduction of Ethena Labs’ ENA token as the 50th project on the platform on March 29 of last week. Following that, Ethena has garnered the interest of several prominent entities in the industry. Arthur Hayes, CEO of BitMEX, stated earlier today that the price of Etherena can surge to $10.Â
Arthur Hayes observed that ENA had initiated a rally without Korean trader participation. Drawing from this discernment, he predicted that the Ethena price would experience a substantial increase upon the involvement of Korean investors in the trading sphere.
