Ethena’s Rising Momentum: Annual Revenue and Whale Investment Boost Price

Ethena’s price has surged over the past two days, driven by the platform’s increasing annual revenue and a significant investment by a Chainlink whale.

Price Breakthrough and Whale Investment

Ethena’s token, ENA, reached an intraday high of $1.07, surpassing the critical resistance level of $1 for the first time in over a week. This price movement is likely influenced by a whale’s decision to convert 84,370 Chainlink tokens, worth $1.9 million, into ENA tokens. This transaction may indicate the whale’s expectation that Ethena will outperform Chainlink in the long term or a desire to diversify their portfolio.

According to available data, the whale still holds Chainlink tokens worth $2.2 million, in addition to other cryptocurrencies like Pepe, Auki, Music, Groyper, and Ethereum, with total holdings valued at $18 million.

Ethena’s Growing Presence in the Crypto Industry

Ethena has established itself as a key player in the crypto industry, with its stablecoin, Ethena USDe, accumulating over $5.8 billion in assets. As the third-biggest stablecoin after Tether and USD Coin, USDe is often seen as a better – but riskier – stablecoin due to its returns.

Ethena USDe has an annual yield of 10%, higher than the short and long-term bonds are offering.

Expanding Offerings and Profitable Network

In December, Ethena launched USDtb, a stablecoin backed by Blackrock’s BUIDL Fund, which has accumulated over $70 million in assets. This successful launch demonstrates Ethena’s ability to expand its offerings and attract investors.

According to available data, Ethena has also become a highly profitable network, generating over $223 million in fees in just eight months.

Technical Analysis: Bullish Pennant Chart Pattern

The daily chart reveals strong technical indicators for ENA, with the token forming a bullish pennant chart pattern, characterized by a long vertical line and a symmetrical triangle. This pattern often leads to further gains, and in this case, its depth of about 80% suggests the coin could surge to $2 during the ongoing crypto bull run.

Key points to consider:

  • Ethena’s price has surged over the past two days, driven by increasing annual revenue and a whale investment.
  • The platform’s stablecoin, Ethena USDe, has accumulated over $5.8 billion in assets.
  • Ethena has expanded its offerings with the launch of USDtb, a stablecoin backed by Blackrock’s BUIDL Fund.
  • The platform has generated over $223 million in fees in just eight months.

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