- Ethena (ENA), a cryptocurrency, reached a price of $1.49 in the last 24 hours. This is a surge of more than 18%.
- ENA could see a price increase due to the bullish sentiment surrounding new staking incentives for ENA holders.
Ethena, a recently launched crypto-project, has reached its all-time highest trading price of $1.49.
Ethena is ranked 58th according to CoinGecko data.Th The largest cryptocurrency with a total market capitalization of more than $2,07 billion. The token’s value was around $1.45 at the time of writing, 18% up in the past 24 hours and nearly 30% up this past week.
Why is Ethena’s price so high today?
Today’s gains for ENA came as Bitcoin hovered near a key level following recent declines. Top altcoins also dropped as the crypto market mirrored stocks, with major US indices slipping amid hit CPI data and US President Joe Biden’s comments on interest rate cuts.
ENA prices benefited from a spike of staking while BTC and ETH struggled. Ethena Labs is a synthetic dollar protocol based on Ethereum. USDe, a stablecoin that yields a return, is called USDe.
The announcement of a higher reward for stakers earlier this week appears to have prompted activity from Ethena’s top executives, among others.
