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Can I Still Purchase #Ethena ? The Binance listing sent $ENA 's price soaring, and another coin is gearing up to join the exchange market.
Since its launch on Binance on Tuesday, the Ethena token (ENA) has seen a 53% spike in value, with a 13% surge in the last 24 hours alone.
Ethena's decentralized finance (DeFi) technology has its own governance token, ENA. The protocol's dollar-pegged stablecoin, USDe, has an astounding annual percentage yield (APY) of 35%.
In contrast to USDT and USDC, USDe is a so-called "synthetic dollar" that may earn dividends by combining ether liquid staking tokens with collateral from short ether (ETH) perpetual futures bets; this allows it to keep its price peg at $1.
"Delta hedging" is the method that keeps the coin stable. To use this strategy, one must take short futures bets equal to the collateral assets' price risk.
With a $2.5 billion 24-hour trading volume, USDe is presently the second trending cryptocurrency on CoinMarketCap, and its market cap has surged lately as well, sitting just short of $2 billion.
Tracxn, a valuation tracker, reports that Franklin Templeton, DragonFly, Kraken, Maelstrom, and others contributed over $20 million to Ethena Labs' two investment rounds. Ethena has angel investors including BitMex co-founder Arthur Hayes.
From Tuesday's post-launch high of about $1.25, we can see an almost 20% decline on ENA's trading chart. Since becoming public at about $0.64 a coin, its value has more than doubled.
It seems that #ENA 's Relative Strength Index (RSI) has calmed down in the last hour after briefly reaching above 70 this morning, suggesting overbought circumstances, due to a brief but intense purchasing binge.
