$ENA Rises 12%: Whale Accumulation & $1 Breakout Potential
Main Idea
Ethena ($ENA) has seen a 12% price increase due to whale accumulation and potential breakout above $1, driven by adoption growth and strategic partnerships.
Key Points
1. Ethena ($ENA) has a fixed max supply of 15 billion tokens, with 6 billion in circulation and a fully diluted valuation of $9.49 billion.
2. Whales have accumulated over 1 billion $ENA tokens, signaling institutional interest and bullish sentiment.
3. Ethena launched a weekly on-chain Proof of Reserves system for USDe, enhancing transparency and trust.
4. The project is advancing its 'Convergence' roadmap, including a Layer-1 chain built with Celestia and Arbitrum technologies.
5. $ENA is trading within a rising wedge pattern, with key moving averages suggesting a bullish trend, though momentum indicators show signs of weakening.
Description
$ENA climbed 12% to $0.633 as trading activity surged, showing renewed interest in Ethena’s governance token. The move comes amid major ecosystem developments that could shape its near-term trajectory. While the token demonstrates strong market engagement, technical patterns suggest potential volatility ahead. Traders are now monitoring key levels on its price chart as $ENA’s adoption soars despite shifting market dynamics. Source: Coingecko Ethena ($ENA) Hits $9.5B FDV as Whales Scoop Up Tokens...
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