$ENA should shout ENA or July 5 first? Back then the price was around 0.08. Now it’s around 0.27. The price has risen by about 260%, up more than double. Then a few days ago, when $BTC corrected to around 83,000, we also screened a list of altcoins that could be coordinated for bottom-picking together. In terms of the stablecoin sector, there was only one token—the one with the ticker ENA. Back then, those who followed and bottom-picked it are now also seeing returns of over 50%.
Today I’ll give everyone a quick rundown of ENA: its underlying logic and why I’m optimistic about it.
$ENA is a bellwether for altcoin momentum. Last year, I mentioned on the plaza that once the ENA cycle starts moving, it basically signals that a wave of altcoin season is coming. So far, this view seems to be holding true.
Previously, BTC rebounded from the bottom at 60,000 to 74,000, but ENA didn’t move. In other words, during this time ENA was the one being pumped. That makes me even more convinced that altcoin season is on the way. The key reason is that ENA’s USDE is a stablecoin driven by funding rates: it issues rewards to holders by capturing the funding rate. But when the market starts heating up, trading volume increases, which allows it to capture more funding rates. That also expands the market size of USDE, which in turn pushes ENA’s price higher. And the fact that trading volume is expanding at the same time is also a sign that a wave of altcoin opportunities is coming.
I’ve explained the core logic clearly here. You can remember it, then treat ENA as an indicator only. I’m a blogger on the plaza, and the useful insider content I share is basically offered selflessly. I hope everyone grows together with me.
Today I’ll give everyone a quick rundown of ENA: its underlying logic and why I’m optimistic about it.
$ENA is a bellwether for altcoin momentum. Last year, I mentioned on the plaza that once the ENA cycle starts moving, it basically signals that a wave of altcoin season is coming. So far, this view seems to be holding true.
Previously, BTC rebounded from the bottom at 60,000 to 74,000, but ENA didn’t move. In other words, during this time ENA was the one being pumped. That makes me even more convinced that altcoin season is on the way. The key reason is that ENA’s USDE is a stablecoin driven by funding rates: it issues rewards to holders by capturing the funding rate. But when the market starts heating up, trading volume increases, which allows it to capture more funding rates. That also expands the market size of USDE, which in turn pushes ENA’s price higher. And the fact that trading volume is expanding at the same time is also a sign that a wave of altcoin opportunities is coming.
I’ve explained the core logic clearly here. You can remember it, then treat ENA as an indicator only. I’m a blogger on the plaza, and the useful insider content I share is basically offered selflessly. I hope everyone grows together with me.
