Ethena price reaches new all-time high: Here’s why ENA is surging

• 
  Ethena
  (ENA)
  price
  reached
  highs
  of
  $1.49,
  surging
  more
  than
  18%
  in
  24
  hours
  as
  most
  altcoins
  struggled.
• 
  Bullish
  sentiment
  amid
  new
  staking
  rewards
  for
  ENA
  holders
  could
  push
  ENA
  price
  higher.

Ethena
(ENA)
traded
to
highs
of
$1.49
on
Wednesday,
its
all-time
high
that
sees
the

recently
launched
crypto
project
rising
towards
the
top
50
cryptocurrencies
by
market
cap.

According
to
data
from
CoinGecko,
Ethena
ranked
58th

largest
with
a
market
cap
of
over
$2.07
billion.
The
token’s
value
was
around
$1.45
at
the
time
of
writing,
18%
up
in
the
past
24
hours
and
nearly
30%
up
this
past
week.

Why
is
Ethena
price
surging
today?

Today’s
gains
for
ENA
came
as
Bitcoin
hovered
near
a
key
level
following
recent
declines.
Top
altcoins
also
dropped
as
the
crypto
market
mirrored
stocks,
with
major
US
indices
slipping
amid
hit
CPI
data
and
US
President
Joe
Biden’s
comments
on
interest
rate
cuts.

While
BTC,
ETH
and
other
tokens
struggled,
ENA
price
benefitted
from
a
spike
in
staking.
Ethena
(ENA)
is
the
native
token
of
Ethena
Labs,
a
synthetic
dollar
protocol
on
Ethereum.
USDe
is
a
yield
bearing
stablecoin.

An
announcement
earlier
this
week
of
increased
reward
for
stakers
looks
to
have
spurred
activity,
including
from
top
Ethena
whales.
On
Wednesday,
Ethena
Labs


announced

integration
with
top
exchange
wallets,
including
Binance
Web3,
Bybit,
OKX
Wallet
and
Bitget
Wallet.

Users
who
lock
up
their
USDe
for
a
minimum
of
7
days
via
any
of
these
exchange
Web3
wallets
will
be
eligible
for
a
20%
boost
on
their
reward.  

On
Monday,
the
protocol

rolled
out
its
“Season
2”
staking
rewards,
with
users
locking
50%
or
more
of
their
tokens
will
be
eligible
to
a
50%
boost
to
their
reward.

Today
we
introduce

$ENA
into
Season
2
in
order
to
more
closely
align
the
growth
in
USDe
with

$ENA

Users
who
lock

$ENA
at
a
minimum
of
50%
of
their
total
USDe
holdings
per
wallet
will
receive

i)
50%
increase
in
their
rewards
ii)
the
highest
number
of
rewards
per
day
of
any
pool

pic.twitter.com/zxVmpGZSN6

—
Ethena
Labs
(@ethena_labs)

April
8,
2024

According
to
on-chain


data
shared
by
Lookonchain,
multiple
whales
have
withdrawn
millions
of
ENA
from
exchanges
and
staked
since
the
announcement
of
Season
2
rewards.

Ethena
recently

unveiled
a
750
million
ENA
airdrop
for
its
community.