Blockchain
Whales pile into ENA as token rallies over 96% in 30 days
Published
5 hours agoon
By
adminENA has risen as the top performer in the last 7 days driven largely by key developments within its ecosystem and heightened whale activity.
Over the past month, Ethena (ENA) has surged by 96.6%, driving its market capitalization from $420 million in mid-September to $1.14 billion. Most of these gains occurred in the last 7 days, with ENA seeing a 45.1% rise during that period.
Central to ENA’s price rally has been the ongoing expansion of the Ethena ecosystem. Ethena Labs recently passed a pivotal proposal to integrate Ethereal, a decentralized exchange built on the USDe stablecoin, into its reserve management system.
The integration is expected to enhance liquidity and utility for ENA tokens within the Ethena ecosystem, making it a more attractive asset for both users and investors.
In addition, Ethena developers announced last week their intention to invest $46 million of the reserve fund into tokenized assets, further diversifying their financial strategy. The project has also secured backing from major players like BlackRock and Securitize for its new stablecoin, UStb, bolstering confidence in its ecosystem.
Spike in whale activity
Whale activity has played a major role in ENA’s recent price action. According to data from IntoTheBlock, large holders of ENA accumulated 5.4 million tokens — worth $2.3 billion — on Oct. 15, a sharp increase from $1.18 billion in outflows seen on Oct. 9. Whale buying often signals market confidence or accumulation, potentially driving prices upward and boosting investor sentiment.
Furthermore, Smart Dex traders, which are basically wallets known for consistently executing profitable swaps on decentralized exchanges, acquired 1.34 million ENA tokens over the past week, valued at $506,100 at an average price of $0.32 per token.
Price performance and future outlook
On Tuesday, ENA hit a two-month high of $0.455, following a 45.1% gain over the past seven days. However, the token has since pulled back slightly, trading at $0.4179, down 7.5% over the past 24 hours. This dip is likely due to some profit-taking by long-term holders after ENA’s rapid ascent, a common occurrence following a highly bullish day.
Despite this short-term correction, analysts remain optimistic about ENA’s price trajectory.
According to ‘World of Charts,’ ENA has broken out of a broadening falling wedge pattern, a classic signal of a bullish reversal. The analyst expects the token to rally another 150% in the near term.
Similarly, another analyst, Altcoin Sherpa, forecasts that ENA could reach $0.50 in the short term, provided Bitcoin (BTC) remains stable. If the broader market conditions continue to be favorable, ENA may see further gains before encountering any significant pullback.
The substantial growth in ENA’s price has led to a rise in the number of token holders in profit, with ITB data pointing to over 21% of active ENA holders recording gains, a sharp rise from just 5.7% on Oct. 8. This improved profitability could further encourage retail and institutional investors to hold ENA, anticipating further price appreciation.
Source link
You may like
Bitcoin’s False Dichotomy between SoV and MoE
Crypto expert tips Flockerz as the next 100x meme coin
Polkadot (DOT) Gearing Up For ‘Massive Breakout’, Will It Skyrocket To $20?
Metaplanet Stock Soars 9% Amid Rising Revenue With This Latest Bitcoin Strategy
Billion-Dollar Bank Refuses To Reimburse Customer After $10,000 Stolen From Account – Until the Media Gets Involved: Report
Lawyer Highlights Why SEC Challenges XRP Futures In Bitnomial Case
Blockchain
Blockcast raises $2.85m to scale decentralized content delivery on Solana
Published
8 hours agoon
October 16, 2024By
adminSolana-based content delivery network Blockcast has raised over $2.8 million in seed funding led by Lattice Fund to scale its decentralized infrastructure for high-bandwidth content streaming.
According to a press release shared with crypto.news, Blockcast raised $2.85 million in its seed funding round with participation from prominent investors such as Lattice Fund, Protocol Labs, Finality Capital Partners, AllianceDAO, Zee Prime Capital, RW3 Ventures, and angel investors including Anatoly Yakovenko, the founder of Solana.
Blockcast is a decentralized content delivery network built on Solana, aiming to address the growing strain on internet infrastructure. The platform combines traditional broadcasting technology with blockchain to manage the increasing demand for high-bandwidth content such as live streams, software updates, and media releases.
With internet traffic surging by 24% annually and live streaming now accounting for 17% of all global traffic, Blockcast aims to offer a more efficient solution for content delivery.
By utilizing community-operated nodes, Blockcast allows for faster and more cost-effective content distribution. This approach reduces data consumption, minimizes rebuffering and latency, and alleviates congestion for internet service providers, the release noted.
The goal is to streamline the process of deploying scalable traffic servers closer to users, offering a more sustainable and decentralized way to manage global content demand.
Mike Zajko, Partner at Lattice Fund, noted that the internet’s infrastructure is struggling to meet the rising demand for high-quality content. He highlighted Blockcast’s use of “community-operated nodes” as a practical solution to reshape “how data is distributed and consumed.”
Blockcast plans to use the capital to accelerate the development of its platform, expand its presence in the networked infrastructure ecosystem, and launch its pre-order campaign for home RELAY nodes, which are compact servers designed to improve streaming quality while allowing users to participate in content delivery and earn rewards.
Speaking to crypto.news, Blockcast CEO Omar Ramadan explained that the funding will also go toward “building out global content delivery capacity” and launching “a public testnet for the world’s first decentralized multicast-enabled CDN,” aligning with Blockcast’s mission to revolutionize content distribution.
The funding round comes as venture capital interest in the blockchain and fintech sectors has steadily dropped since April 2024. Despite the waning interest, new entrants continue to emerge, with global investment firm VanEck recently announcing the launch of VanEck Ventures, a $30 million fund focused on fintech, digital assets, and AI.
Source link
Base
Crypto Investor Arthur Cheong Predicts Base Will Flip Coinbase’s Centralized Exchange Platform Volume
Published
22 hours agoon
October 15, 2024By
adminVenture capitalist Arthur Cheong thinks Coinbase’s Ethereum (ETH) layer-2 scaling solution Base is primed to witness a surge in trading volume.
The DeFiance Capital CEO predicts on the social media platform X that on-chain spot decentralized exchange (DEX) volume on Base will flip Coinbase’s centralized exchange (CEX) volume “within six to 12 months.”
“Makes logical sense when you think about it, and it all comes together with the DeFi (decentralized finance) Renaissance thesis.”
Cheong believes Base is “the future of Ethereum.”
He also sees the DeFi sector surging alongside memecoins.
“Am I the only crazy one to think both DeFi Renaissance and memecoins supercycle can happen together?”
Base recently surpassed Arbitrum (ARB) to become the top Ethereum layer-2 scaler in terms of total value locked (TVL), according to the decentralized finance data aggregator DeFi Llama.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
Base currently clocks $2.45 billion in TVL, compared to $2.404 billion for Arbitrum. The only projects that register more TVL than Base are BSC (Binance Smart Chain), Solana (SOL), Tron (TRX) and Ethereum itself.
Coinbase launched Base last year. The top US crypto exchange says it does not currently plan to issue a network token for the layer-2 scaler.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
Bitcoin
Protocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
Published
3 days agoon
October 13, 2024By
adminProtocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
Source link
Bitcoin’s False Dichotomy between SoV and MoE
Crypto expert tips Flockerz as the next 100x meme coin
Polkadot (DOT) Gearing Up For ‘Massive Breakout’, Will It Skyrocket To $20?
Metaplanet Stock Soars 9% Amid Rising Revenue With This Latest Bitcoin Strategy
Whales pile into ENA as token rallies over 96% in 30 days
Billion-Dollar Bank Refuses To Reimburse Customer After $10,000 Stolen From Account – Until the Media Gets Involved: Report
Lawyer Highlights Why SEC Challenges XRP Futures In Bitnomial Case
Blockcast raises $2.85m to scale decentralized content delivery on Solana
BTC Tops $67K, LTC & CHZ Up 4-7%
AI Bot Pumps Meme Coin 7,000% Following $50,000 Gift from Billionaire Marc Andreessen
Blackrock CEO Is Right: Trump and Kamala Can’t Stop Bitcoin
Stablecoin usage surged in Q3 as market cap hits $170b: Coinbase
Ripple CLO Breaks Down Next Steps In US SEC vs XRP Appeal
Trump Touts World Liberty Financial After Initial WLFI Token Sales Are a Dud
Art Under Surveillance: Ripcache’s Radical Take at Bitcoin Amsterdam
182267361726451435
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
New U.S. president must bring clarity to crypto regulation, analyst says
Why Did Trump Change His Mind on Bitcoin?
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Trending
- 1 month ago
182267361726451435
- 24/7 Cryptocurrency News2 months ago
Top Crypto News Headlines of The Week
- Bitcoin3 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion3 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- News1 month ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential