ENA Coin Forecasted to Reach $10: Arthur Hayes’ Prediction as Bybit Incorporates USDe

  • BitMEX co-founder Arthur Hayes predicts ENA to reach $10 as Bybit integrates Ethena Labs’ USDe for perpetual futures and BTC/ETH spot trading pairs.
  • Bybit’s integration of USDe aims to enhance trader yield and capital efficiency.
  • ENA surges 4.08% post-integration, with a trading volume of $436M and a market cap of $1.42B, ranking 63rd globally.

Arthur Hayes predicts a bullish future for ENA as Bybit integrates Ethena Labs’ USDe for perpetual futures and BTC/ETH spot trading pairs, pushing ENA’s market cap to $1.42B.

Arthur Hayes’ Bold Prediction for ENA

BitMEX co-founder Arthur Hayes has made a bold prediction regarding ENA, the governance token of Ethena, suggesting it could reach $10. This forecast aligns with the recent declaration that Bybit, a cryptocurrency exchange, will adopt USDe, the synthetic dollar produced by Ethena Labs, as a collateral asset. The integration involves adding Bitcoin and Ether spot trading pairs, which could have a meaningful influence on its market dynamics and adoption.

Integration of USDe on Bybit

Ethena Labs’ partnership with Bybit has included the integration of USDe into Bybit’s trading infrastructure to be used as collateral for perpetual futures on the platform. This development is expected to contribute to the utility of USDe through the enablement of diversified trading strategies and enhance users’ capital efficiency. The integration will also bring USDe in spot trading pairs with major cryptocurrencies such as Bitcoin and Ether, thus expanding its coverage and utilities within the crypto trading community.

ENA Price Trend

After the news was released, the market reacted positively, with ENA recording a significant price appreciation. According to real-time data from CoinMarketCap, ENA’s price today is $0.935793, with a 24-hour trading volume of $436,359,986. Ethena’s token is up 4.08% in the last 24 hours, and it holds the 63rd position in market capitalization rankings, currently valued at $1,422,697,071.

Conclusion

The integration of USDe with Bybit improves the visibility of USDe and its use. It makes it a strong competitor in the stablecoin market that has been dominated by other currencies like USDT. This partnership will help to draw more users and the USDe as stablecoin and trading asset ecosystem will expand. At present, USDe is also traded in some of the biggest crypto exchanges, such as Binance, Deribit, OKX, and Bitget. A 7% portion of collateral is held by Bybit only, but the use of such an initiative and pioneering its implementation can cause the adoption of such initiatives and cooperation only among other platforms.

BREAKING NEWS

Yellen Sees Inflation Continuing to Decline Toward the Fed’s 2% Target

COINOTAG News reports that on October 26, US Treasury...

Ethereum Address ‘Buddy’ Huang Lizheng Starts Partial Sell of ETH Long Positions, 2,450 ETH Remaining with $489K Unrealized Gain

Ethereum price action remains influenced by on-chain movements, as...

DRAGON Token Powers Dragon Ball’s Web3 Debut on BNB Chain, Expanding the DragonVerse IP RWA Empire

COINOTAG News reports the launch of DRAGON, a token...

Trump Won’t Meet Putin Until Ukraine Peace Is Reached as Kozak Says Talks Are Close During Doha Stopover

Geopolitical risk is shaping the risk backdrop for markets...

PayAI Reaches $31.61M Market Cap on Solana’s x402, Up 39.62% in 24 Hours

COINOTAG, citing GMGN data, reports that within the Solana...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img