- Ethena’s native cryptocurrency, ENA, surged significantly within a few hours of going live.
- ENA’s price rallied 68% in less than 24 hours amid consolidation in the crypto market.
- Binance promoting ENA across its platforms added significant momentum to the cryptocurrency’s performance.
Ethena’s native cryptocurrency, ENA, surged significantly within a few hours of going live. The token launched on Tuesday and rallied from a listing price of $0.57 to $0.92 in less than 24 hours, according to data from TradingView. The surge reflects a 68% gain amid consolidation in the crypto market.
Although ENA’s price surge is consistent with how most newly launched crypto tokens behave, users consider Binance’s promotion of the protocol an addition to its bullish momentum. Often, newly launched crypto tokens surge high immediately after launch before retracing significantly after the early investors cash in on profits.
Despite the regular pattern for many new crypto products, several crypto community members think Binance promoting ENA has contributed immensely to its bullish performance. The top crypto exchange recently integrated ENA into its suite of expansive crypto products. The integration exposes ENA to all of Binance’s key platforms, including Binance Simple Earn, Binance Convert, Binance Margin, Binance Futures, and Binance Auto-Invest.
Binance also enabled ENA airdrop hunters to claim their tokens while making it easy for those who want to buy the novel digital asset. Such users may subscribe to ENA Flexible Products on Binance Simple Earn or utilize supported payment options on Binance Auto-Invest. These would be available for users from April 4.
Ethena (ENA) is a governance token and the DeFi protocol behind the USDe stablecoin. It is an Ethereum-based protocol, and ENA token holders reserve the right to participate in the decision-making processes on the network.
The project is in the middle of an airdrop exercise with plans to distribute 750 million ENA tokens, equivalent to 5% of the total supply.
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