- Ethena (ENA) hit a excessive of $1.49 and gained greater than 18% in 24 hours, whereas most altcoins struggled.
- Bullish sentiment amid new staking rewards for ENA holders might push the worth of ENA larger.
Athena (ENA) traded at a excessive of $1.49 on Wednesday, an all-time excessive that sees the not too long ago launched crypto challenge climb in the direction of the highest 50 cryptocurrencies by market capitalization.
In keeping with information from CoinGecko, Athena is ranked 58thThursday the most important with a market capitalization of over $2.07 billion. On the time of writing, the token is valued at round $1.45, up 18% within the final 24 hours and up almost 30% previously week.
Why is the worth of Athena hovering at this time?
At this time’s ENA beneficial properties got here as Bitcoin hovered close to a key stage after current declines. High altcoins additionally fell because the crypto market mirrored shares, with main US indexes falling on hit CPI information and US President Joe Biden’s rate of interest minimize feedback.
Whereas BTC, ETH and different tokens struggled, the worth of ENA benefited from the rise in stakes. Athena (ENA) is the native token of Athena Labs, an artificial greenback protocol on Ethereum. USDe is a stablecoin with yield.
The announcement earlier this week of an elevated reward for stakers appears to have spurred exercise, together with prime whales Athena. Wednesday, Athena Labs he introduced integration with prime change wallets together with Binance Web3, Bybit, OKX Pockets and Bitget Pockets.
Customers who lock their USDe for no less than 7 days by way of any of those change Web3 wallets shall be eligible for a 20% improve of their reward.
On Monday, the protocol launched its “Season 2” staking rewards, with customers who lock 50% or extra of their tokens eligible for a 50% improve of their reward.
At this time we are going to current $ENA into Season 2 to higher align USDe progress with $ENA
Customers who lock $ENA they are going to obtain not less than 50% of their whole USDe holdings on the pockets
i) 50% improve of their remuneration
ii) the best variety of rewards per day from any pool pic.twitter.com/zxVmpGZSN6— Athena Labs (@ethena_labs) April 8, 2024
In keeping with on-chain information shared by Lookonchaina number of whales have withdrawn hundreds of thousands of ENA from exchanges and wagered because the announcement of the Season 2 rewards.
Athena not too long ago revealed a 750 million ENA drop for her neighborhood.
