Ethena maintained a solid comeback as its assets jumped to a legend high on the heels of President-elect Donald Trump’s World Liberty Monetary (WLFI) hunting for the token.
Ethena (ENA) token jumped to a high of $1.20, its perfect stage since April 14, and 525% above its lowest stage this yr. This rally has pushed its market cap to over $3.36 billion.
Ethena soared after World Liberty Monetary gathered 509,955 ENA tokens valued at over $589,000. The corporate, which raised over $72 million in a token sale, also owns Ethereum (ETH), CBBTC, Tether, USD Coin Chainlink, and AAVE (per Nansen details).
WLFI is backed by Justin Solar, the founding father of Tron (TRX).
Ethena also jumped after the final stamp locked in its ecosystem jumped. In accordance with DeFi Llama, its whole stamp locked jumped to over $5.84 billion. This development has made USDe, its yield-earning stablecoin the third-biggest one after Tether and USDC. Its valuation has jumped by over 83% in the last 30 days.
ENA stamp has also rallied as odds that the USDe stablecoin will de-peg in 2024 fell. In accordance with Polymarket, there’s correct a 2% likelihood that the token will plunge below 90 cents as Terra USD did in 2022.
There had been considerations about USDe since, like UST, it’s now not backed by any fiat currencies. As a substitute, it’s an algorithmic coin that would possibly presumably perhaps pay a 27% yield, while its peg is maintained by hedging the delta of problem assets honest thru mining.
Ethena stamp evaluation: can it hit an all-time high?
The each day chart exhibits that the ENA stamp has been in a solid bullish vogue previously few months. It has rallied from a low of $0.20 in September to $1.2, its perfect stage since April.
The coin has remained above the 50-day and 25-day Exponential Shifting Averages, a model that bulls are as a lot as the stamp.
Ethena is also forming what feels like a cup and contend with chart pattern whose better facet is at $1.5210. A C&H is a licensed continuation model.
Therefore, the coin will doubtless continue rising as bulls goal $1.5210, which is about 33% above the present stage. A plunge below the toughen at $0.90 will invalidate the bullish scrutinize.
