ENA, the native cryptocurrency of the Ethereum-based synthetic dollar protocol Ethena, has registered a strong rally gaining 53% soon within two hours of its successful airdrop. At press time, the Ethena (ENA) price is trading at $0.8846 with its market cap crossing $.126 billion on debut.

Ethena (ENA) Airdrop Becomes Big Success

The much-anticipated Ethena Labs airdrop kicked off on April 2, dispersing $450 million worth of ENA tokens to eligible wallets. Ethena Labs announced that the entire airdrop allocation was successfully distributed by 7:17 am UTC on the same day.

According to on-chain data analyzed by Arkham Intelligence, the largest recipient of the Ethena Labs airdrop received a remarkable sum of nearly $2 million in ENA tokens. Wallet 0xb56 emerged as the recipient of 3.3 million ENA tokens, equivalent to $1.96 million.

As per data from Dune Analytics, currently, there are 22,200 claimers of the airdropped ENA tokens. The total claimed ENA as of press time is 236,886,283 which is 32% of the total $750 million ENA secured for airdrop.

Ethena operates as a synthetic dollar protocol on the Ethereum blockchain, providing a cryptocurrency-based substitute for conventional banking services. Within its ecosystem, it features the USDe synthetic dollar and the ‘Internet Bond’ savings instrument. USDe stands out for its stability, resistance to censorship, and backing by Ethereum collateral.

With a staggering yield of 35.4%, Ethena’s USDe has attracted more than 123,000 individuals to lock in a total value of $1.6 billion, according to Ethena Labs’ homepage. Over the last month, the market capitalization of USDe has increased by 135% to reach $1.58 billion, positioning it as the fifth-largest stablecoin.

ENA 10x Price Rally Possible

After the airdrop claim page went live, the Ethena token became promptly tradable on leading centralized cryptocurrency exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart.

Last week on March 29, the Binance Launchpool announced the launch of Ethena Labs’s ENA token as the 50th project on the platform. Since then, Ethena has gained attention of some of the top industry players. Earlier today, BitMEX CEO Arthur Hayes said that Etherena price has a tremendous potential to rally all the way to $10.

Arthur Hayes noted that ENA has begun rallying even without participation from Korean traders. Based on this observation, he forecasted a significant surge in the Ethena price upon the entry of Korean investors into the trading arena

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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