Is It Too Late to Buy Ethena? ENA Price Soars After Binance Listing and This Other Coin is About to List on Exchanges
Is It Too Dead to Aquire Ethena? ENA Sign Soars After Binance List and This Other Coin is About to List on Exchanges
The newly-listed Ethena token (ENA) has surged 13% in 24 hours and fifty three% total since list on Binance on Tuesday.
ENA is a governance token for Ethena’s decentralized finance (DeFi) protocol. The protocol’s yield-incomes buck-pegged stablecoin USDe presents a staggering 35% APY.
Unlike its extinct rivals Tether (USDT) and Circle (USDC), USDe token is a s0-known as “synthetic buck,” in a region to generate yields by pairing ether liquid staking tokens with short ether (ETH) perpetual futures positions for collateral, in account for to preserve its $1 trace peg.
A mechanism known as “delta hedging” ensures the soundness of the coin. The methodology involves offsetting the price change chance of the collateral resources with corresponding short futures positions.
USDe’s market cap has furthermore exploded just as of late, and currently sits at a chunk making an attempt $2 billion, making it the volume two trending cryptocurrency on CoinMarketCap as of late with a $2.5 billion 24-hour trading volume.
In step with valuation tracker Tracxn, Ethena Labs has raised over $20 million over two rounds of funding participated by Franklin Templeton, DragonFly, Kraken, Maelstrom, and others. BitMex co-founder Arthur Hayes became as soon as an angel investor in Ethena.
USDe present $1,500,000,000@ethena_labs now 15% of world ETH beginning interest
Would be a shame if we launched BTC subsequent week, don’t you suspect? pic.twitter.com/Kw8qZRSids
— Ethena Labs (@ethena_labs) March 29, 2024
Over on ENA’s trading chart we’ll present the choice to witness a stop to twenty% pullback from a put up-beginning high of about $1.25 on Tuesday. All told the coin’s trace has doubled because it began its list at roughly $0.64.
This morning, a short energetic procuring for spree drove ENA’s Relative Energy Index (RSI) to over 70, indicating overbought prerequisites, but it absolutely seems to like cooled off within the last hour.
Ethena’s ENA Is A Workhorse, Slothana Is A Sloth
For plenty of traders, ENA’s pegging mechanism inspires nightmares of Terraform Labs’ UST, the buck-pegged stablecoin that crashed the whole market lend a hand in 2022.
UST furthermore equipped sexy yields for staking it in the Anchor lending protocol. Look after ENA, cash and cash reserves didn’t peg UST to the greenback. In its attach, a mint/burn mechanism enabled customers to mint one UST by burning $1 price of a linked cryptocurrency known as LUNA and vice versa.
The mechanism failed when falling interest rates on Anchor ended in a bank wander on UST in Would possibly well maybe 2022. Too many folks tried to exit the stablecoin with out delay, pushing LUNA into a hyper-inflationary spiral as panicking UST exiters minted 7 trillion LUNA tokens.
The industry has learned lots since 2022 and there is now increased scrutiny spherical stablecoins and their reserves.
Time will say if ENA is a stable bet, but ENA holders can diversify their portfolios to capitalize on Bitcoin’s bullish halving memoir by investing in sizzling modern meme coins.
How about a 420-pleasant sloth with expansive dreams?
🌿🦥 Because the solar sets on Easter Monday, I can no longer lend a hand but when truth be told feel blessed by the valid supporters of Slothana! 🌅🚀 Honest admire the disciples adopted their messiah, you, my fellow sloths, proceed to spread the gospel of lazy trading and meme craft #slothana #memecoin
— Slothana (@SlothanaCoin) April 1, 2024
In a few days, traders like poured $7.6 million into an ICO for model spanking modern Solana meme coin Slothana ($SLOTH) to study out and recapture one of the most valuable early upside skill of established Solana amusing tokens admire Slerfs, DogWifHat and Bonk.
Solana’s most contemporary meme sensation is a lazy critter who lives and works on the blockchain. But along with his completely purple eyes, he can’t veil the truth that he if truth be told doesn’t desire to work; he wants to circulation from 420 to $420 million.
Note on the grapevine says Slothana is by the an identical crew that launched Smog (SMOG), which rallied strongly after ending its presale and list.
Tiny print are scarce at say, but interesting traders can join the presale by sending SOL to this take care of: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
Discuss over with Slothana Right here
Disclaimer: Crypto is a high-chance asset class. This article is equipped for informational applications and does no longer constitute investment advice. It is seemingly you’ll lose your whole capital.
Source : cryptonews.com
