Ethena ($ENA ) has experienced a remarkable surge, with its price jumping 20% to $1.51 in the past 24 hours. Its market cap has now surpassed $2 billion, marking a significant milestone in just a week. Daily trading volume has also seen a substantial increase of 66%, reaching $1.4 billion.
Additionally, Ethena Labs has announced a boost in user rewards through its "Season 2" plan. Users locking $ENA tokens for at least 7 days will receive a 50% increase in rewards, incentivizing greater participation and ecosystem strength. Although the initial lock-up cap was set at $200 million, it may be adjusted later.
Moreover, Ethena has hedged $500 million of Bitcoin on various exchanges in anticipation of the Bitcoin halving. Collaborations with Frax Finance to establish a USDeFRAX liquidity pool and the approval of the Singularity Roadmap Proposal further demonstrate Ethena's expansion efforts.
The bullish momentum continues for ENA, supported by a dominant trend line in the 1-hour chart. Breaking through the $1.20 resistance level indicates a significant breakthrough. With its market value skyrocketing to nearly $2 billion, up 371% from its initial price of $0.29, ENA is poised for further growth. A sustained rebound could see it reaching the $1.76 mark, with potential to aim for the $2.67 threshold amid broader market recovery.