|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
ENA Token Market Update: GSR Markets' Recent Activity Raises Questions
May 23, 2024 at 12:36 am
Ethena's ENA token has experienced a dynamic week, rising 19% over the past seven days. However, recent market movements have seen GSR Markets
The ENA token, issued by Ethena, has seen a 19% price increase over the past week.
However, recent market movements have seen GSR Markets, a key market maker for ENA, deposit 5.5 million ENA tokens, valued at $4.84 million, into Gate.
This action coincides with a 5.4% price drop in ENA over the past 24 hours and a 41% decline in trading volume.
GSR Markets’ involvement with ENA is substantial. Two months ago, Ethena distributed 37.5 million ENA tokens to GSR, making it the largest market maker for the token, surpassing Wintermute and Amber Group.
Despite the recent downturn, ENA maintains strong support at the $0.70 level, suggesting potential for a bullish trend that could drive its price to $1.54.
Top 7 Projects by Trending Searches on Major Crypto Aggregators 📅 May 22nd
CoinGecko: $PEPE $BRETT $PORK $DRIFT $APU $NOT $BDX
CoinMarketCap: $ENA $MEMEAI $PEPE $RETIK $NOT $ETH $NYAN
CryptoRank: $MERL $PYTH $STRK $NOT $MANTA $SUI $ETHFI pic.twitter.com/XRXS96yguU
— TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) May 22, 2024
The recent activity underscores the volatility that often accompanies cryptocurrency markets. Although today’s decline might raise concerns, ENA’s strong support at $0.70 and its status as a top trending search on CoinMarketCap indicate investor interest and potential resilience.
If the token can hold its ground at $0.65, it could mitigate some of the volatility and pave the way for future gains.
In summary, while ENA has faced some short-term challenges, its overall trajectory remains positive. Investors and traders will be watching closely to see if it can sustain its support levels and capitalize on the bullish sentiment. With substantial backing from market makers like GSR, the outlook for ENA appears promising, despite the inherent market fluctuations.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: loft39studio/123RF // Image Effects by Colorcinch
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- The Fascinating World of Rare British 50p Coins: From Benjamin Bunny to Kew Gardens
- Nov 23, 2024 at 04:25 am
- The world of coin collecting has seen a surge in interest over the years, with certain rare coins fetching eye-watering prices at auctions and on marketplaces like eBay. Among the most sought-after coins in the UK are 50p pieces, particularly those that feature unique designs or commemorate significant national events.
-
- The King Charles III 50p Coin: A New Era of Collectibles
- Nov 23, 2024 at 04:25 am
- The Royal Mint has released a series of 50p coins featuring the portrait of King Charles III, but one particular coin has quickly surpassed even the iconic Kew Gardens 50p coin in terms of desirability. With the growing interest in coin collecting, it’s now more important than ever to check your change — you may be holding onto a hidden treasure that could be worth much more than its face value.
-
- XRP (XRP) Keeps Attracting Interest With Its Increasing Price Trajectory as Rexas Finance (RXS) Emerges a Possible Rival
- Nov 23, 2024 at 04:25 am
- XRP has increased 4.34% over the previous 24 hours, raising its market capitalization above $65 billion. With analysts speculating about the likelihood of a major price breakout, this little movement has driven forecasts that XRP might shortly break $1.50. But another growing star in the crypto scene while the globe observes XRP’s every action is Rexas Finance (RXS). A Ripple millionaire sees this coin as a major rival to XRP’s supremacy since he believes it might soar by an amazing 19,900% to $16 in the next 70 days or less.