Will Ethena (ENA) price hit $10: The most popular token of April 2024, Ethena’s ENA token was recently listed on the world’s biggest cryptocurrency exchange Binance, and on other exchanges as well. Following its listing on Binance, it gained massive attention from crypto enthusiasts, and its price experienced a massive upside momentum of over 50%. On April 2, 2024, Ethena’s ENA got listed, and as it is backed by crypto giants like Arthur Hayes, Binance lab, OKX, Bybit, and others following this crypto community are now predicting that Ethena’s ENA token will hit $10. 

Although we’ll get to know Will Ethena (ENA) price hit $10? And also discuss all those things that can impact Ethena’s ENA token price. So, read till the end for a better and complete understanding of Ethena’s ENA token and ENA token price prediction.

ENA token price prediction

Creating ENA token price prediction is very challenging because it was recently launched and for price prediction, there isn’t sufficient data that will help in predicting ENA token price. 

ENA token price prediction by Arthur Hayes

Besides the lack of data, on March 2, 2024, following the ENA token launch the ex-CEO and co-founder of BitMEX Arthur Hayes made a post on X (previously Twitter) that he indirectly predicted that the ENA token price would skyrocket to $10 level. Following Hayes’s post on X, the ENA token price experienced a massive upside momentum of nearly 50%. 

Congrats ⁦@ethena_labs⁩ on a successful TGE. If this is what $ENA is worth what the market is puking, imagine how high it will go once we resume up only!$ENA = $10

It’s just math yo … pic.twitter.com/rKGW7ofHzi

— Arthur Hayes (@CryptoHayes) April 2, 2024

Since the ENA token launched Hayes till now published nearly 3 posts. This continuous post by Hayes highlights his interest and other investors’ interest in the Ethena (ENA) token. Additionally, on April 3, 2024, Hayes made a post X where he wrote let’s count for a $10 level for the ENA token. 

It’s completely unknown when the Ethena (ENA) will hit the $10 level. However, this is not the first time Hayes made any token prediction. Earlier he made a price prediction on Solana-based meme coins dogwifhat (WIF) and Bonk (BONK) and as per historical data both meme coins’ prices skyrocketed following Hayes’s bet or comment or support.

Will Ethena (ENA) price hit $10? 

The answer for this is very challenging, but if as Arthur Hayes is saying ENA price will skyrocket to $10, this means there is a very high probability that ENA price will hit $10. 

If we look at Hayes’s historical prediction on WIF and BONK, all goes very well. If we talk about WIF, Hayes made his prediction, when WIF was trading near $0.38 and after 2,3 months currently WIF is trading above $4. Despite bearish market sentiment and a massive fall in the market WIF still maintained its price above $4, which shows Hayes’s confidence in his prediction.

Currently, ENA is trading near $1.04 and Hayes made his prediction came when the ENA token was trading at $0.74. However, during this period ENA also made an all-time high of $1.32 in this bearish market, when the overall cryptocurrency market is struggling to gain momentum. 

Let’s count to $10 for $ENA pic.twitter.com/w1o3Y3U6Hf

— Arthur Hayes (@CryptoHayes) April 3, 2024

How to buy an Ethena (ENA) token?

As the popularity and the price of the Ethena (ENA) token increase the crypto communities are now showing their interest in buying ENA tokens.

However, to Ethena (ENA) token crypto users must follow these simple steps to adds ENA token to their wallets:

Step 1: Create an Account and Signup 

You can create an account on DEX like Binance, OKX, Bybit, KuCoin, or others as it is recently listed on many other cryptocurrency exchanges. To open your account you need to provide any government official ID card like driving license or Passport.

Step 2: Complete Your KYC to Avoid Disruption

During the account creation, complete your KYC using your government official ID card. This KYC will help you to stay away from many disturbances at the time of buying and selling.

Step 3: Add Payment Method

Once you successfully create your account on DEX and complete your KYC. Now is the time to add Payment modes like Debit, Credit Card, or any other mode of payment.

Step 4: Search and buy an ENA Token

Following the completion of account creation and adding payment method to your DEX. Now you can search ENA token on the search bar, once you find an ENA token click on it and place the order as per your requirements.

Step 5: Confirm your purchase 

Once you place the buy orders make sure before leaving the application to check your wallet and confirm the purchased token.

This is how crypto users can easily buy Ethena (ENA) tokens without getting any difficulties.

What is Ethena (ENA)?

Ethena (ENA) is a digital protocol built on the Ethereum blockchain. This protocol is also used to create a special type of saving account called Internet Bond and its stablecoin USDe which is not dollar-pegged, unlike other USDT or USDC where the value quietly fluctuates. Also, these traditional stablecoins somewhere depend on traditional Banking infrastructure.

Ethena’s USDe is a digital version of the US dollar and is special because it is generated by blockchain technology based on the available digital assets. Because of this, it is more stable. One more thing that helps USDe to stabilize its value is Delta hedging. Here, whenever, anyone creates USDe they need to lock up some Ethereum based on the USDe that is created. And this Ethereum lockup helps to maintain USDe stability.

Whereas, Internet Bonds help crypto enthusiast to earn rewards in the form of USDe. Whenever users lend their Ethereum on Internet Bonds they gain some rewards just as interest and dividends from the traditional banking system or stock market when the company makes a profit. However, only USDe token holders will receive these rewards or interest in the form of ENA tokens.

Conclusion

The recently listed Ethena (ENA) token has widespread attention and investors as also thinking that will Ethena (ENA) price hit $10 as it is backed by many venture capitalists as well as co-founder and ex-CEO of BitMEX Arthur Hayes. Additionally, since this token was listed, its price experienced a massive upside momentum. In his post on X, Hayes highlights that this token will skyrocket to $10.

Frequently Asked Questions (FAQs)

Who Backs the Ethena (ENA) token?

Venture capitalists like Binance Labs, OKX Venture, ByBit Mirana, Dragon Fly, and many others, along with VC, ex-CEO of BitMEX Arthur Hayes also backed this technology.

Where can I buy Ethena (ENA) coins?

As the Ethena (ENA) token recently got listed by major cryptocurrency exchanges, Crypto enthusiasts can use platforms like Binance, KuCoin, ByBit, Kraken, OKX, and many others to buy ENA tokens.