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In a move defying a broader crypto market retracement, following a successful ENA airdrop, Ethena Protocol has exploded +37%, and now ENA price analysis has revealed an alluring $1 target for the new token.
ENA, the native governance of the Ethena protocol, is defying gravity at press time, surging double digits by 37% in the last 24 hours, according to CoinGecko.
This comes after a sensationally successful governance token airdrop, which saw the new ENA crypto distributed $450m worth of tokens to committed participants – with some participants receiving as much as $2M worth of ENA.
A testament to this resounding airdrop launch is price action, with current moves seeing ENA prices floating higher, printing double-digit gains just 36-hours after releasing the token – outperforming Ethereum and Bitcoin by a significant margin within the same timeframe.
ENA Price Analysis: Ethena Protocol Soars After Airdrop, Nearing All-Time High
(ENAUSDT)
Taking a closer look at price action, ENA is changing hands at $0.88, up nearly +68% from its all-time low of $0.53 recorded on April 2.
According to CoinMarketCap data, ENA’s average trading volume in the past 24 hours has increased +778% to over $2.5 million. At the same time, its market cap is up 44% to $1.3 billion–propelling it to unicorn status.
ENA is benefiting from multiple exchange listings immediately after launch. So far, there are 72 different markets for ENA, pairing it with, among other coins and tokens, wETH, BNB, USDT, TRY, and BTC, in popular exchanges like Binance and KuCoin.
Buoyed by this momentum, bullish analysts predict further gains for ENA in the coming days, especially as FOMO traders rush to claim a stake in the latest coin, some are even targeting $1 – a likely milestone – as ENA price has to increase by less than +20% to breach this level.
Deep-Dive: What’s Behind Ethena Crypto’s ENA Price Surge?
On April 2, Ethena Labs officially invited holders of USDe, its synthetic dollar stablecoin, to claim their share of a massive ENA airdrop.
The protocol was distributing 750 million ENA, or roughly 5% of the total supply of 15 billion, as it prepared to list on major exchanges, including Binance, on the same day.
Users seeking to receive ENA had to participate in a campaign that ended on April 1. Only those who held on until April 2 were eligible to receive ENA airdrops.
When writing, the total value locked (TVL) of Ethena, mostly USDe, stands at $1.88Bn – in a huge vote of confidence in the ecosystem.
USDe is a stablecoin and tracks the value of the USD, aiming to maintain prices at $1.
TVL will likely continue rising due to the high yield USDe offers and the expectation of more price gains for ENA in the short term.
The Bottom Line: Can Ethena Crypto Maintain Momentum?
While the short-term outlook for ENA appears promising, the long-term trajectory of the token remains to be seen – indeed, many airdrop tokens typically witness a sell-off after distribution.
However, there are reasons to be cheerful as ENA price might benefit from the “Sats Campaign” initiated on April 2.
Beyond this, the rise of DeFi might also see ENA roar, with demand for USDe potentially fuelling a move to break $1 0n the short to medium term.
EXPLORE: Over 37% Of All ETH Is Locked In Smart Contracts: Will Ethereum Prices Roar Above $4,000?
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
