The cryptocurrency Ethena (ENA) has shown significant growth over the last 30 days, rising by 160%. This growth is driven by several factors that may support the price while also posing risks.
Growth of Ethena (ENA)
Over the past 30 days, Ethena (ENA) has demonstrated impressive growth of nearly 160%, increasing to an approximate price of $0.67. These figures position the token as one of the fastest-growing assets in the market.
Factors Contributing to Price Increase
One contributing factor to this rise is the support from the South Korean exchange Upbit, which introduced several trading pairs with ENA. This has led to increased liquidity and accessibility of the token. Additionally, the rapid growth of the synthetic stablecoin USDe may have also played a role, with its market cap growing from $5.3 billion to $8.4 billion in a month.
Outlook for Further ENA Growth
Despite positive forecasts from analysts regarding the potential for further ENA growth, there are risks associated with the upcoming token unlocks. More than 140 million tokens are set to be released in the next seven days, which could impact the price if demand does not increase accordingly.
ETHENA (ENA) shows significant growth over the last month; however, factors such as token unlocks could pose risks for investors. Analysts remain cautious and emphasize the need for a careful trading approach.
