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Ethena Price Prediction 2024: ENA Outperforms Market, What Next?

Last Updated May 2, 2024 7:42 AM
Giuseppe Ciccomascolo
Last Updated May 2, 2024 7:42 AM

Key Takeaways

  • Ethena’s ENA native token debuted on the market on April 2, 2024.
  • It promptly joined the ranks of the top 100 cryptocurrencies by market capitalization.
  • One price prediction says it may reach $5 next year.

Ethena’s ENA token made its debut on the market on April 2, 2024, and it already broke into the top 100 cryptocurrencies by market capitalization, jumping to over $1.25.

Ethena is a synthetic dollar protocol built on the Ethereum blockchain that introduced a novel stablecoin known as USDe. Unlike conventional stablecoins such as USDC or USDT, USDe does not rely on fiat currency pegs.

Instead, it functions as a synthetic dollar backed by cryptocurrency assets and short futures positions. This strategy allows Ethena to offer a censorship-resistant, scalable, and stable form of digital currency.

ENA managed to be one of the best performing coins during the tough month of April 2024.

Ethena did not respond to a request for comment.

But what is Ethena (ENA)? How does Ethena work? Let’s see what we can find out, and also take a look at some of the Ethena Price Predictions that were being made as of May 2, 2024.

Ethena Coin Price Prediction

Let’s examine some of the Ethena price predictions being made on May 2, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $1.71 $2.00 $5.74
Prediction #2 $1.24 $1.88 $11.46
Prediction #3 $1 $5 $37.45

Ethena Price Prediction for 2024

DigitalCoinPrice  said Ethena would reach $1.71 this year while PricePrediction.net  expects it at $1.24 and Coin Edition  said ENA would close the year at $1. 

Ethena Price Prediction for 2025

Coin Edition said Ethena would reach $5 and PricePrediction.net sees it at $1.88. DigitalCoinPrice said ENA would trade at $2.00. 

Ethena Price Prediction for 2030

Moving on to a more long-term Ethena price prediction, PricePrediction.net said the coin would be worth $11.46 in 2030 and Coin Edition expects it at $37.45. DigitalCoinPrice made an ENA price prediction of $5.74 at the start of the next decade.

Google Gemini AI Price Prediction for Ethena (as of May 2)

Google’s Gemini AI platform gave the following price prediction for Ethena on May 2. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected price: $2.63
  • Factors to Consider:
    • Overall cryptocurrency market trends: If the broader market experiences a bullish run, ENA could benefit.
    • Ethena-specific developments: News, partnerships, or significant updates to the Ethena platform could positively impact the price.
    • Trading activity: Increased trading volume often reflects investor interest and can lead to price fluctuations.

Medium Term (Next six months)

  • Expected price: $2.26
  • Factors to Consider:
    • Overall Crypto Market Performance: The general health of the cryptocurrency market will significantly impact ENA’s price. A bullish crypto market could lead to a price increase for ENA, while a bearish trend could cause a decrease.
    • Ethena Updates and Developments: Major announcements, partnerships, or significant technological advancements for Ethena could boost its price.

Long Term (Next five years)

  • Expected price: $12
  • Factors to Consider:
    • Market Performance: The overall health of the cryptocurrency market will significantly impact ENA’s price.
    • Ethena’s Utility: If Ethena successfully integrates AI and gains wider adoption, its price could rise significantly.
    • Community Strength: A strong and active community can boost ENA’s value.

Ethena Price History

Let’s now take a look at some of the highlights and lowlights of the Ethena price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Ethena price prediction. 

Ethena price history
Ethena price in 2024. | Credit: CoinMarketCap

When Ethena first came onto the open market on April 2, 2024, it was worth $0.6346. It then jumped to $1.4941, its all-time high, before retracing a bit to $0.7891 on May 2, 2024.

At that time, there were 1.43 billion ENA in circulation, out of a total supply of 15 billion. This gave Ethena a market cap of about $1.12 billion, making it the 72nd largest crypto by that measurement.

Is Ethena a Good Investment?

It is hard to say. The coin has been around for a short time. On the horizon, there’s no clear bullish or bearish sign.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Ethena.

Will Ethena go up or down?

No one can really tell right now. While the Ethena crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Ethena?

Before you decide whether or not to invest in Ethena, you will have to do your own research, not only on ENA, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who is the Founder of Ethena?

Guy Young is the founder of Ethena.

Who Owns the Most Ethena (ENA) Coins?

On May 2, 2024, one wallet held 60.14% of the supply of Ethena.

Richest ENA Wallet Addresses

As of May 2, 2024, the five wallets with the most Ethena were

  • 0xd4b34207a671b813b5e66d31ea0b0a9849de9bc1. This wallet held 9,021,560,856 ENA, or 60.14% of the supply.
  • 0x688ae58ebd684b3c475c81584f976593930ca67f. This wallet held 4,499,799,870 ENA, or 30.00% of the supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 373,985,260 ENA, or 2.49% of the supply.
  • 0x43cbe9dfe84e2f7451cf2b5caa28f02040e942f5. This wallet held 224,659,186 ENA, or 1.50% of the supply.
  • 0x8707f238936c12c309bfc2b9959c35828acfc512. This wallet also held 215,515,701 ENA, or 1.44% of the supply.

Fact Box

Supply and Distribution Figures
Maximum supply 15,000,000,000
Circulating supply (as of April 24, 2024) 1,425,000,000 (9.5% of total supply)
Holder distribution Top 10 holders owned 97% of total supply, as of May 2, 2024.

From the Whitepaper

In its technical documentation, or whitepaper , Ethena says it is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated instrument – the ‘Internet Bond’.

Ethena’s synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully-backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi & DeFi.

Ethena (ENA) Explained

Ethena (ENA)  is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new breed of stablecoin called USDe. Unlike traditional stablecoins like USDC or USDT, USDe is not pegged to fiat currencies. Instead, it is a synthetic dollar collateralized with crypto assets and short futures positions. This unique approach enables Ethena to provide a censorship-resistant, scalable, and stable form of digital money.

How ENA Works

At the core of Ethena lies the USDe token, a synthetic dollar that is fully backed, transparently on-chain, and free to use in DeFi. The stability of USDe is ensured through a mechanism known as delta hedging, which involves offsetting the price change risk of the collateral assets with corresponding short futures positions.

Ethena Attention Tracker

Ethena Google search volume
Ethena Google search volume. | Credit: Google

Here is a chart for the Ethena Google search volume for the past 90 days. This represents how many times the term “Ethena” has been Googled over the previous 90 days.

FAQs 

How many Ethena are there?

As of May 2, 2024, there were 1.43 billion ENA in circulation, out of a total supply of 15 billion.

Will Ethena reach $10?

According to DigitalCoinPrice, it will reach a double-figure value in 2032 while PricePrediction.net and Coin Edition expect it to hit $10 in 2027.

What's Ethena?

Ethena (ENA) is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new breed of stablecoin called USDe. Unlike traditional stablecoins like USDC or USDT, USDe is not pegged to fiat currencies. Instead, it is a synthetic dollar collateralized with crypto assets and short futures positions. This unique approach enables Ethena to provide a censorship-resistant, scalable, and stable form of digital money.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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