The post Top Altcoin Gainer ENA Defies Market Trend: All the Details appeared on BitcoinEthereumNews.com.

ENA, the native token of the decentralized finance (DeFi) protocol Ethena, has become the top altcoin gainer in the past 24 hours, recording an 8.50% price increase. This milestone is particularly notable as it comes during a broader crypto market downturn, during which many altcoins have suffered double-digit losses. Here’s a closer look at why ENA is outperforming its peers and what could be next for the token. Why Ethena Is the Top-Performing Altcoin ENA’s position as the top altcoin gainer today is due to several factors. The most significant one is Donald Trump’s World Liberty Financial (WLFI) partnership with Ethena Labs. In addition to collaborating with Ethena, WLFI recently invested in the altcoin. On December 15, the project purchased 509,955 ENA using $500,000 USDC. At ENA’s current value, that investment has surged to $584.44 million. Interestingly, WLFI is not the only major entity accumulating ENA. According to Lookonchain, a prominent crypto whale purchased 8 million tokens worth $9.20 million from Binance and transferred them to non-exchange wallets. If this whale accumulation persists, it could create upward pressure on ENA’s price, potentially pushing the token to a high of $1.15. Ethena Whale Accumulation. Source: Etherscan BeInCrypto conducted an analysis using the In/Out of Money Around Price (IOMAP) metric to evaluate ENA’s potential as a top altcoin gainer. The IOMAP groups addresses into three categories: those in profit at the current price, those holding at unrealized losses, and addresses at the breakeven point. A higher volume of addresses at an accumulation range strengthens support. On the other hand, a higher volume of addresses at a resistance range signals potential hurdles. As shown in the data, around 2,150 Ethena addresses accumulated 93.46 million tokens at an average price of $1.13, providing stronger support at that price range. In comparison, the volume of…

---

Filed under: News - @ December 19, 2024 2:22 pm