What factors does ENA’s next move after 2x surge depend on? – perspective by AMBCrypto
ENA, the native token of decentralized finance (DeFi) protocol Ethena Labs, has become the new talking point of the crypto-market. While its airdrop made news, what has also kept ENA in the headlines is its price appreciation on the charts.
At press time, the token was exchanging hands at $1.34. In doing so, it more than doubled in value since 5% of its total supply was airdropped to eligible holders of the ecosystem’s so-called synthetic dollar, USDe.
In fact, according to Web3 knowledge graph protocol OxScope. institutional investors have been steadily accumulating the tokens since the launch and the pace of accumulation hasn’t dipped yet. This aggressive stockpiling seems to have offset the selling pressure due to recent deposits on exchanges. Here, it’s worth noting how withdrawals have surged especially dramatically over the last two days.
The surge in withdrawals followed the announcement of “Season 2” by Ethena Labs, which offers higher rewards for staking ENA with the protocol.
ENA has also been making waves in the speculative market. According to AMBCrypto’s analysis of Coinglass’ data, the Open Interest (OI) in ENA Futures surged to $372 million at press time, indicating a higher number of bets to profit from its future price action.
