ENA's price rose by 18% due to purchases by Arthur Hayes, increasing its market cap to $20.75 billion. This growth highlights investor interest and potential movements in the DeFi sector.
ENA Market and Arthur Hayes's Influence
The ENA token, developed by Ethena Labs, has gained traction following significant purchases by Arthur Hayes, co-founder of BitMEX. "Surpassing a $2 billion market cap, Ethena is back in action as Arthur Hayes continues to buy more ENA tokens."
Reaction to Coinbase Listing Addition
The Coinbase announcement of adding ENA to its listing roadmap triggered an immediate 8.6% price increase during early Asian trading hours. This reflects strong interest from both institutional and retail investors, evidenced by high trading volume. Additionally, 40 million ENA tokens (approximately $12 million) were unlocked.
Future of ENA and DeFi
The market demonstrated resilience despite the token unlock, indicating robust buyer support and positive investor sentiment. This response contrasts with typical post-unlock sell-offs seen in similar scenarios, marking a significant industry response. ENA's trajectory suggests potential continued growth in DeFi driven by influential market players and strategic actions.
ENA has shown remarkable achievements due to active actions from key figures like Arthur Hayes. Considering current stabilization and potential regulatory and technological changes, the future of the token will depend on the further development of the market.
