was skimming through low-cap movers and fell straight into this.
Ethena is up 16% on the week according to BSC News, whales are accumulating, and USDe is spreading onto new chains. the price is still sitting at $0.09. that combination is either a setup or a head fake.
i'm leaning setup. when whales stack a coin that's already moved 16% in a week and the underlying product is actually expanding its footprint, that's someone sizing in, not sizing out.
my read: $ENA grinds higher as long as USDe supply keeps growing on BSC. the thing that proves me wrong is simple: if USDe expansion stalls and those whale wallets start moving coins to exchanges, this leg is done.
a dollar-pegged product getting cheaper to issue while the token behind it is still priced in single cents is a gap that doesn't usually last.
#ENA #CryptoNews
Ethena is up 16% on the week according to BSC News, whales are accumulating, and USDe is spreading onto new chains. the price is still sitting at $0.09. that combination is either a setup or a head fake.
i'm leaning setup. when whales stack a coin that's already moved 16% in a week and the underlying product is actually expanding its footprint, that's someone sizing in, not sizing out.
my read: $ENA grinds higher as long as USDe supply keeps growing on BSC. the thing that proves me wrong is simple: if USDe expansion stalls and those whale wallets start moving coins to exchanges, this leg is done.
a dollar-pegged product getting cheaper to issue while the token behind it is still priced in single cents is a gap that doesn't usually last.
#ENA #CryptoNews