Ethena’s native ENA token is continuing its remarkable run, up 15% over the past 24 hours, thanks to a surge in speculative demand.
With no signs of slowing down after last week’s explosive debut, traders are now focusing on which new projects could be next to experience a sharp rise.
This article will delve into Ethena’s price action and explore three promising candidates being eyed by investors seeking the next potential breakout token.
Ethena Mania Rages On as Speculative Demand Booms
It’s been another barnstorming 24 hours for ENA.
Ethena’s governance token has climbed to $1.27, momentarily reaching $1.40 earlier today before a slight pullback.
Just when it looked like ENA’s frenzied debut was coming to an end, speculative buyers came piling back into the market over the past day.
Spot trading volumes have rocketed 88% higher to $1.5 billion – making ENA the world’s 11th most traded crypto asset.
Clearly, both retail and institutional investors have taken notice of Ethena’s potential.
The token’s virality is also showcased by its ranking in the #1 spot in CoinMarketCap’s “Trending Cryptos” list.
This proves that the buzz and hype around ENA remain in full force for now.
While brief periods of profit-taking and consolidation are inevitable, ENA’s ability to continue hitting new all-time highs showcases the strength of its fundamentals.
Which New Cryptos Could Be Next to Explode?
Inspired by Ethena’s success, some traders are looking ahead to the next potential viral token launch.
With that in mind, which upstart projects could follow in ENA’s footsteps with their own exponential price action?
1. Slothana (SLOTH)
When it comes to buzzy new projects turning heads, Slothana (SLOTH) has shot up traders’ watchlists.
This Solana-based meme coin may have all the ingredients to potentially go explosive, much like Ethena has.
While much more “whimsical” than Ethena, Slothana taps into the internet culture that has proven successful in recent months.
The token’s mascot, an unmotivated office sloth, is tailor-made to resonate with the retail investment community.
But Slothana isn’t just banking on meme potential.
The project has already raised over $10 million during its ongoing presale, showing immense early interest.
SLOTH is slated to launch on DEXs like Raydium in the coming weeks, which could provide the catalyst needed for a price pump.
The hype has even extended to the crypto influencer space.
Popular YouTubers like Matthew Perry and ClayBro have produced videos on Slothana – with the former predicting “it will 5x” at launch.
With an open market debut on the horizon and a growing online community, Slothana checks many of the boxes needed to mimic (or surpass) Ethena’s rise.
2. Tensor (TNSR)
Another project generating buzz is Tensor and its newly launched TNSR governance token.
Hitting major exchanges like Binance and OKX yesterday, TNSR powers the Tensor NFT marketplace, which aims to provide a professional-grade investing experience.
Tensor has already established itself as the largest Solana NFT platform, accounting for up to 70% of daily trading volumes.
With advanced trading tools and deep analytics, Tensor is becoming a serious player in the NFT trading space.
Since launching yesterday, TNSR’s price has dropped 14%, likely due to profit-taking from early holders.
However, with $1.5 billion in spot volume and a market cap of only $240 million, this token could have significant room to grow.
3. Wormhole (W)
Alongside Slothana and Tensor, another project turning heads in the crypto market is Wormhole and its newly launched W token.
Despite being launched just six days ago, W has seen massive volatility, plunging around 36% from its listing price, possibly due to early profit-taking.
However, many traders view this pullback as an opportunity to buy the dip on a protocol that powers cross-chain interoperability across over 30 blockchains.
Wormhole’s novel messaging layer already secures more than $40 billion in value transfers by allowing seamless communication between networks.
If W can create similar traction to Ethena by appealing to the cross-chain faithful, this token could see stellar gains down the line.