Ethena (ENA), the synthetic U.S. dollar protocol on the Ethereum network, is experiencing a surge with a potential 100x rise during the upcoming altcoin season. Currently, ENA is up 13.5% in the last 24 hours, trading at $0.90 with a market cap nearing $1.3 billion, ranking it as the 67th largest cryptocurrency.

Renowned crypto researcher Alex Wacy predicts that around 15% of altcoins could see returns ranging from 10x to 100x in the anticipated altcoin season. Wacy points out key indicators such as the consolidation of over $700 billion in TOTAL3, excluding Bitcoin and Ethereum, signaling a bullish trend in the broader altcoin market.

Ethena stands out as a synthetic dollar protocol offering a crypto-native banking alternative through Internet bonds. Wacy highlights an upcoming unlocking event for ENA in April 2025, noting a familiar pattern on the weekly chart that typically precedes significant growth.

Ethena Labs, the developer behind ENA, recently received approval for a USDeFRAX liquidity pool in partnership with Frax Finance, aiming to enhance the FRAX stablecoin ecosystem. Additionally, approval for a USDeFRAX pool on the DeFi stablecoin exchange Curve with a $250 million cap has been granted.

Despite the positive developments, concerns have been raised by Fantom developer Andre Cronje regarding the risks associated with the USDe peg system, similar to challenges faced by Terra’s ecosystem. It’s essential for investors to stay informed and monitor the developments in the altcoin market.

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