Ethena’s ENA Token Surges 8.3% Amid Binance Listing Announcement
Arthur Hayes, co-founder of BitMEX, highlights a significant opportunity with the governance token ENA. The token increased to $0.87, marking an 8.3% daily gain and over 20% growth in one week.
Binance Listing USDe
- Binance confirmed the listing of Ethena’s USDe, a synthetic dollar token valued at $13 billion.
- Trading pairs USDE/USDC and USDE/USDT will be available starting September 9, with withdrawals opening on September 10.
- This listing facilitates the activation of Ethena's fee switch, enabling revenue sharing with ENA holders.
- The upgrade could unlock up to $500 million in buybacks for ENA.
In August, Ethena generated $54 million in revenue, bringing total lifetime revenues to over $480 million since its launch.
Hayes' Trading Activity
- Hayes purchased 2.14 million ENA for $1.75 million at $0.816 per token in early August.
- He previously sold 7.76 million ENA for a profit of $1.65 million.
- Hayes predicts ENA could reach $1.50 soon.
Ethena’s ecosystem is growing, with the USDe token increasing from $5.5 billion to nearly $12.9 billion in market valuation. The project is also launching a native stablecoin for Ethereum's scaling network MegaETH.
ENA Price Analysis
- ENA has been trading in a rising channel since late August and broke above $0.83 recently.
- The breakout indicates bullish momentum, supported by rising on-balance volume (OBV).
- The next bullish target is around $1, with a projection of $1.50 from Hayes.
- Support levels are at $0.76 and $0.71; a drop below $0.70 may invalidate the bullish trend.
