Ethena price rises for two consecutive days as annual volume increases and a Chainlink whale buys its token.
Ethena (ENA) rose to an intraday high of $1.07, breaking above the critical $1 resistance level for the first time in over a week.
According to LookOnChain, a whale converted 84,370 Chainlink (LINK) tokens worth $1.9 million into ENA tokens. The transaction likely indicates the whale’s expectation that Ethereum will outperform Chainlink in the long term.
It could also reflect a desire to diversify one’s portfolio. According to DeBank, the whale still owns $2.2 million worth of Chainlink tokens. His portfolio also includes cryptocurrencies such as Pepe, Auki, Music, Groyper and Ethereum with a total value of $18 million.
Ethena has established itself as a major player in the crypto industry, amassing over $5.8 billion in assets with its stablecoin Ethena USDe (USDE). It is the third largest stablecoin after Tether and USD Coin.
USDE is often considered a better but riskier stablecoin than the others due to its yield. According to its website, USDE has an annual yield of 10%, which is higher than that of short- and long-term bonds.
Ethena has also expanded its offering. In December, it launched USDtb, a stablecoin backed by Blackrock’s BUIDL Fund. The stablecoin has accumulated over $70 million in assets, making it a highly successful launch.
Ethena has also become a highly profitable network. According to TokenTerminal, it collected over $223 million in fees in just eight months.
Ethereum price shows robust technicals
