BitMEX co-founder Arthur Hayes has triggered a remarkable rally in Ethena (ENA), a synthetic dollar protocol. Over two days, Hayes purchased 16.79 million ENA tokens, causing a 22% surge in its price.
ENA Price Jumps 22% Amid Hayes’ Buying Spree
Ethena’s price jumped to $0.7502, with its market cap soaring to $2.13 billion. Blockchain data revealed that Hayes withdrew 10.36 million ENA tokens from Binance, worth $7.49 million. His two-day buying total now stands at 16.79 million ENA, with an average cost of $0.66 per token.
The price rise has already earned him an unrealized profit of $1.14 million, marking a swift recovery from his earlier $815,000 loss in Aethir (ATH).
Hayes’ Strategic Moves Pay Off
On November 26, Hayes sold off all his ATH tokens after months of holding, redirecting his focus to ENA. This quick move not only recouped his losses but also added to his gains.
Recently, Hayes has been active in Solana-based meme coins like FlowerAI (FLOWER) and made profits on Goatseus Maximus in October.
Ethena (ENA) Gains Momentum
Ethena is gaining significant traction due to its synthetic dollar, USDe. Backed by Bitcoin (BTC) and Ethereum (ETH), USDe offers unique features like native yield.
Key milestones for Ethena include:
- 4 Billion USDe Supply: Ethena Labs celebrated this achievement alongside a 25% APY for users.
- Deribit Integration: Popular derivatives platform Deribit adopted USDe as crypto margin collateral.
- TVL Growth: Ethena’s total value locked (TVL) has surged to $4.09 billion.
ENA Price Predictions
Currently, ENA’s open interest has risen by 23% to $374 million, with $1.29 million in liquidations. Analysts suggest ENA bulls must maintain the $0.75 support level. Success here could lead to a 33% rally, pushing the price to $1 or even revisiting its all-time high of $1.5.
