Ethena (ENA) Price Surges 53% After Airdrop, Is There More Steam to Come?
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Ethena price quickly rose to $1 as the ENA token became available for trading on top cryptocurrency exchanges following the airdrop.
ENA, the native cryptocurrency of Ethena, the synthetic U.S. dollar protocol based on Ethereum, saw a strong 53% rise within two hours of a successful airdrop. Ethena (ENA) is priced at $0.8846 and has a market capitalization of over $126 million after listing.
Ethena (ENA) airdrop a huge success
The highly anticipated Ethena Labs airdrop began on April 2, distributing $450 million worth of ENA tokens to eligible wallets. Ethena Labs announced that the entire airdrop allocation was successfully distributed at 7:17 AM (UTC) that day.
There are currently 22,200 airdrop ENA token recipients. The current total number of ENA claimed is 236,886,283, accounting for 32% of the total airdrop value of ENA of $750 million.
Ethena operates as a synthetic dollar protocol on the Ethereum blockchain, providing a cryptocurrency-based alternative to traditional banking services. In its ecosystem, it features the USDe synthetic U.S. dollar and “Internet Bond” savings instruments. USDe stands out for its stability, censorship resistance, and backing by Ethereum collateral.
Ethena’s USDe yield is as high as 35.4%, attracting more than 123,000 people to lock in a total value of $1.6 billion. Over the past month, USDe’s market capitalization has increased by 135% to $1.58 billion, making it the fifth-largest stablecoin.
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