Ethena Labs’ ENA Token Enters the Top 100 After Trading Commences on Exchanges

Twitter icon  •  Published 1週間前  •  Hassan Maishera

Ethena Labs’ ENA token began trading on major crypto exchanges on Tuesday and is now one of the top 100 cryptocurrencies by market cap after adding 18% to its value.

TL;DR

  • ENA is now one of the leading cryptocurrencies by market cap roughly 24 hours after it began trading on crypto exchanges.

  • The Ethena Labs’ governance token has a market cap of $1.1 billion after rallying by 18% in the last 24 hours.

ENA Rallies by 18% Following Launch

ENA, the governance token of the Ethena Labs ecosystem, is one of the top performers amongst the top 100 cryptocurrencies by market cap in the last 24 hours. The token rallied by 18% during that period amidst a massive selloff in the broader crypto market.

At press time, ENA is trading at $0.8133 per coin and occupies the 86th place in the cryptocurrency market. Its positive performance comes after the token began trading on crypto exchanges yesterday.

Ethena Labs, the decentralized finance (DeFi) protocol that offers the $1.3 billion yield-earning USDe, informed its community members earlier this week that they can now claim their ENA tokens. 

In an X post on Tuesday, Ethena invited holders of USDe to claim their share of the airdrop of 750 million ENA tokens. The announcement saw the token surge by 18% to reach a $1.1 billion market cap.

Furthermore, ENA is now live on several cryptocurrency exchanges including Binance, Bybit, KuCoin, Uniswap, Gate.io, Mexc, Bitget, and HTX. 

ENA’s positive performance comes as Bitcoin and Ether continue to underperform. BTC is down by 1% in the last 24 hours and is trading at $66,030 per coin. Meanwhile, Ether has lost 2% of its value during that period and is now changing hands for $3,297.

The total cryptocurrency market cap has dropped below the $2.5 trillion level for the first time in weeks as Bitcoin and other major altcoins continue to underperform. 

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.