Key Takeaways:
- BitMEX co-founder Arthur Hayes went on a shopping spree in the crypto pocketing nearly 16.79 million ENA tokens in the span of 2 days.
- Following this acquisition, the token surged nearly 20% in the past 48 hours.
- The coin is currently showcasing a “bullish” trend, and its Fear & Greed Index is also indicating “Extreme Greed” marking the perfect time for high potential ROI.
Ethena (ENA), a famous cryptocurrency has gained the attention of a lot of investors in the market following its rapid surge in the market in recent days. With this sudden surge, the monthly growth rate of the coin has gone beyond the 80% mark. The Ethena is a stablecoin protocol that offers users a synthetic dollar called USDe, which is known for its scalability and stability. In this article, we will look into the coin’s sudden surge in the market, various factors that influenced this rise, and also how the coin will fare in the market in the days to come.
Ethena Current Market Analysis
Ranked #58 based on overall market capitalization, the coin has caught the eye of major investors and traders in the past few days. The coin’s current bull run commenced on the 6th of this month amid the US Presidential Election. At that time, it was trading at a value of $0.3842. From there, the coin has grown exponentially in the market, with it currently trading at a price of $0.6948 registering a daily trend of 8.66%( at the time of writing).
Even though the coin’s bull run started that early, its price began to rise rapidly starting from the 26th of this month with it attaining a peak of $0.7563 today, 28th November. The 24-hour trading volume of the coin is currently $601.37 million showcasing a rise of 33.85% from the previous day. With a total circulation of 2.48 billion coins, the market capitalization of the coin is standing tall at $1.98 billion. If the trends in the market continue to favor the coin, we may see a further surge in its value in the coming days.
Arthur Hayes’s Buying Spree & The Ethena Shootout
BitMEX co-founder Arthur Hayes has been on a shopping spree in the crypto market in the last couple of days. Arthus Hayes is a well-known investor in the crypto world due to his excellent marketing instincts that have managed to gain him huge profits in the market. He has recently liquidated his entire set of ATH tokens after months of holding onto it in the hopes of it rising. His resultant loss of surrounding that acquisition amounts to about $815,000.
However, his last didn’t last long. Shortly after the liquidation and resultant loss related to ATH, he was able to recover the entirety of that loss and then some more from his ENA investments. It is estimated that he bought nearly 16.79 million ENA tokens in the span of 2 days with an investment of $11.09 million. Now, his total profit from this has already crossed the $1.14 million mark. This has significantly impacted the price of the ENA token and also helped in turning the eyes of several prominent investors towards the famous cryptocurrency further boosting its demand in the market.
Ethena Price Prediction: Short & Long Term
Now that we looked into Ethena’s current performance in the market, let’s delve a little deeper into its future. For this, we have prepared a price prediction table showcasing the potential price and ROI of the famed token for the coming days as well as for the long haul. If you are considering investing in the coin and want to gain insights into its future, kindly refer to the table below.
Short-Term Price Prediction
| Date | Avg Price | Potential ROI |
|---|---|---|
| 29 Nov, 2024 | $ 0.74815 | 6.54% |
| 30 Nov, 2024 | $ 0.788358 | 12.25% |
| 1 Dec, 2024 | $ 0.840198 | 19.59% |
| 2 Dec, 2024 | $ 0.903512 | 28.62% |
| 3 Dec,2024 | $ 0.974065 | 38.75% |
Long-Term Price Prediction
| Year | Min Price | Avg Price | Max Price | Potential ROI |
|---|---|---|---|---|
| 2024 | $ 0.748105 | $ 0.341876 | $ 2.77 | 294.90% |
| 2025 | $ 1.274988 | $ 2.03 | $ 3.54 | 403.97% |
| 2026 | $ 0.623965 | $ 1.119564 | $ 1.868373 | 166.32% |
| 2027 | $ 0.684086 | $ 0.819151 | $ 1.401571 | 99.55% |
| 2028 | $ 1.123295 | $ 1.512615 | $ 2.38 | 240.31% |
| 2029 | $ 1.911913 | $ 2.93 | $ 4.76 | 577.59% |
| 2030 | $ 1.887002 | $ 2.39 | $ 2.86 | 306.22% |
While referring to the table, you should keep in mind that the above-given prices are susceptible to changes in market trends and may vary accordingly.
Is It A Good Time To Invest In The Ethena (ENA) Token?
The current sentiment in the market regarding the ENA coin is indicating a “Bullish” trend. As per experts, the ENA token is likely to rise by 228.12% and maintain a value of $2.45 by the fourth quarter of December. Currently, the coin has traded 16/30 days in green exhibiting a market volatility rate of 20.25%. The moving average of the coin in the last 50 days is $ 0.450248.
The Fear & Greed Index of the SPA shows a value of 77, which is a clear indication of “Extreme Greed” in the market. Based on this, we can conclude that it is an ideal time to invest in the famous crypto token. However, there is another matter, which should be taken into consideration. It is the volatility surrounding the crypto market. So, it would be better if you remain vigilant and conduct your own research before proceeding with the investment.