Ethena (ENA), a synthetic U.S. dollar protocol developed on the Ethereum network, has experienced a notable increase in value following projections from a prominent cryptocurrency researcher indicating a potential 100-fold rise during an upcoming altcoin season.

The current data shows ENA has risen by 13.5% in the last 24 hours, with a trading value of $0.90 at the time of this report. Its market capitalization is approaching $1.3 billion, positioning it as the 67th largest digital currency.

The 24-hour price chart for ENA reflects this rise. The daily trading volume has also surged by 22.5%, reaching $285 million.

The surge in ENA token value coincides with remarks by respected crypto analyst Alex Wacy, who has sparked discussions speculating the onset of the altseason. He suggests potential upswings for selected alternative coins, including Ethena, within the current market capitalization of $277.174 billion.

Wacy's estimations propose that around 15% of altcoins could generate returns ranging from 10x to 100x during this anticipated altcoin season. He points to the consolidation of over $700 billion in TOTAL3 (excluding Bitcoin and Ethereum) as a bullish trend confirmation.

TOTAL3 represents the total market capitalization of the top 125 cryptocurrencies, excluding BTC and ETH. This metric serves as an indicator of the broader altcoin market's preparedness to break free from Bitcoin's dominance.

In his analysis, Wacy highlights Ethena as a synthetic dollar protocol that offers a crypto-centered alternative to traditional banking via the Internet bond mechanism.

Moreover, he mentions an upcoming ENA unlocking event scheduled for April 2025 and emphasizes a recognizable pattern observed on the weekly chart, typically preceding substantial growth. Given the prevailing altcoin season, this pattern is expected to result in a quicker recovery compared to projects initiated during bearish market phases.

Ethena Labs, the entity behind the synthetic dollar protocol, has recently secured approval for a USDeFRAX liquidity pool in partnership with Frax Finance. This initiative aims to diversify the FRAX stablecoin's yield, contributing to the expanding ecosystem around Ethena.

Furthermore, the green light for the Singularity Roadmap proposal has cleared the path for establishing a USDeFRAX pool on the decentralized finance stablecoin exchange Curve with a cap of $250 million.

Despite the positivity surrounding Ethena and its ecosystem, concerns have been voiced by Fantom developer Andre Cronje regarding the risks associated with the USDe peg system. The system relies on collateralized positions to sustain parity with the U.S. dollar, akin to UST's design, which previously posed challenges for Terra's ecosystem.