Ethena’s newly launched ENA token has taken the market by storm, rallying over 77% since its debut last Tuesday.
With the DeFi protocol’s governance token showing no signs of cooling off, how high could ENA go in the coming days and weeks?
The Story of Ethena’s Explosive Debut
For those unaware, Ethena is a DeFi protocol centered around its innovative “Internet Bonds” product.
Users can deposit the protocol’s USDe stablecoin to earn yields generated through Ethena’s sophisticated staking and derivatives strategies.
And when it comes to generating buzz, Ethena has been a juggernaut of late.
The protocol’s ENA token kicked off trading last week on leading exchanges like Binance and OKX.
In just 24 hours, ENA had already rocketed over 200% from its listing price to establish an all-time high at $1.30.
While the token has pulled back slightly from that high, ENA is still hovering around $1.11.
This sustained momentum has pushed ENA into the top 20 most traded cryptocurrencies globally, with over $808 million in daily spot volumes.
ENA’s popularity is also on full display via the #1 position it currently occupies on CoinMarketCap’s trending list.
Clearly, the appetite for Ethena’s governance token shows no signs of letting up for now.
ENA Forecasts Turn Bullish as Technicals & Influencers Align
With Ethena firmly in the spotlight, most analysts and traders are growing optimistic about ENA’s ability to accelerate higher.
The token’s solid fundamentals and exciting Internet Bonds product give it a strong base from which to work.
From a technical standpoint, ENA’s all-time high of $1.30 could serve as an initial upside target if momentum persists.
Reclaiming that level could lead to a new wave of speculative buying as traders pile in, seeking exposure to ENA.
Looking further out, some ENA price forecasts are venturing into more ambitious territory.
For example, RamenPanda, who has 58,000 followers on Twitter, stated that he thinks ENA has a good chance of making it to the top 10 cryptos by market cap – which would give it a price of $15.
Fellow crypto analyst Scient also said he’s targeting $2+ for ENA in the near term.
Alongside social media personalities, exciting developments in the Ethena ecosystem are fueling optimism.
Just recently, Ethena Labs, the team behind USDe, announced that it has added Bitcoin as collateral to its synthetic dollar-pegged product.
Combining all of these elements, there’s a good chance that ENA will continue to rise throughout April, potentially hitting the $2.50 level before the end of the month.
Which New Altcoins Could Rise Alongside Ethena?
While Ethena continues to capture the market’s attention, another altcoin positioning itself to disrupt an entire industry has been making moves.
5th Scape (5SCAPE), with its vision of creating a comprehensive VR ecosystem using blockchain tech, could rise in tandem with Ethena’s success.
5th Scape Project Aims to Bring Immersive VR Experiences to the Ethereum Blockchain
This ambitious project aims to shake up the VR space by offering a suite of experiences, hardware products, and a dedicated token – all designed to push the boundaries of immersion.
5th Scape’s core focus lies in developing a library of groundbreaking VR games.
These games will span various genres, including sports, action, and adventure.
But the project’s ambitions don’t stop there; 5th Scape also plans to release its own VR headset. Alongside it they are developing a specialized gaming chair for maximum comfort.
Powering this ecosystem is the 5SCAPE token, an Ethereum-based crypto that serves as the lifeblood of the project.
Per 5th Scape’s whitepaper, 5SCAPE will be used to purchase games, access exclusive content, and facilitate in-game transactions.
Token holders will even have a say in future development decisions by participating in governance voting.
To advance their vision, 5th Scape’s team is conducting a presale. Within it, a massive 80% of the 5SCAPE supply is being made available to early investors.
This multi-stage presale sees the 5SCAPE price rise incrementally, with investors currently able to get involved for $0.00285 per token.
More than $4.3 million has already been raised as the presale gains traction.
And with 17,700 people now active in 5th Scape’s Telegram channel, the hype surrounding this all-encompassing VR crypto is building rapidly ahead of its launch.