ENA ($ENA) Skyrockets: BitMEX Co-Founder Spotlights Crypto Underdog’s Meteoric Rise

• BitMEX co-founder Arthur Hayes has taken note of Ethena’s (ENA) recent performance, observing that the Ethereum-based synthetic dollar protocol is climbing up the ranks despite widespread criticism.
• ENA’s market cap has reached $1.39 billion, now ranked 68th on CoinMarketCap.
• ENA price surges after pullback, gaining 48.65% in 10 days.

Discover the latest developments in the crypto world as Ethena (ENA) defies critics and climbs the ranks with impressive market performance.

ENA’s Market Cap and Ranking Surge

BitMEX co-founder Arthur Hayes has highlighted the remarkable ascent of Ethena (ENA), an Ethereum-based synthetic dollar protocol. Despite facing criticism, ENA has managed to climb to the 68th position among the 10,043 active cryptocurrencies listed on CoinMarketCap. The protocol’s market cap has risen to an impressive $1.39 billion, marking a 0.25% increase in the last 24 hours.

ENA’s Volume and Distribution Insights

CoinMarketCap data reveals that ENA’s trading volume has surged by over 10% in the past 24 hours, reaching $314.5 million. This volume places ENA in the 29th position by trading volume. The circulating supply stands at 1.52 billion ENA. Distribution data shows that 79.84% of addresses hold between $0 and $1,000 worth of ENA, making it the largest category of holders. Meanwhile, 19.65% of addresses hold between $1,000 and $100,000 worth of ENA, and only 0.51% of addresses hold above $100,000 worth of ENA.

ENA’s Price Action and Technical Analysis

Observing ENA’s price action on TradingView indicates that the synthetic dollar protocol bounced off support on May 16 after nearly five weeks of extended pullback. The altcoin turned around at $0.6538 and has surged 48.65% in the past ten days. The latest rally triggered a break above significant resistance around the $0.75 region before targeting the next significant level at $0.95. The price has tested this level before making a slight pullback to trade for $0.9246 at the time of writing, according to data from TradingView.

Conclusion

In conclusion, Ethena (ENA) has demonstrated resilience and growth despite facing criticism. With a significant increase in market cap, trading volume, and price action, ENA is making notable strides in the cryptocurrency market. As the protocol continues to evolve, it will be interesting to observe its future trajectory and impact on the broader crypto landscape.