Crypto Underdog ENA Soars, Catching the Eye of BitMEX Co-Founder

BitMEX co-founder Arthur Hayes has taken note of Ethena’s (ENA) recent performance, observing that the Ethereum-based synthetic dollar protocol is climbing up the ranks despite widespread criticism. Hayes cited a post by Guy Young, Athena Labs’ founder, who noted that the project has added nearly $450 million in USDe supply in the last 16 days

Meanwhile, CoinMarketCap’s data shows that ENA has climbed to the 68th position among all 10,043 active cryptocurrencies listed on the leading aggregation platform. The data showed that ENA’s market cap rose by 0.25% in the last 24 hours, reaching an impressive $1.39 billion.

Additional details from CoinMarketCap show that ENA’s volume increased by over 10% in the past 24 hours and was over $314.5 million as of the time of writing. That value placed ENA in 29th position by volume, with a circulating supply of 1.52 billion ENA.

For distribution among ENA holders, the available data on CoinMarketCap reveals that 79.84% of addresses hold between $0 and $1,000 worth of ENA. That represents the largest category of ENA holders by a significant margin. A 19.65% of addresses hold between $1,000 and $100,000 worth of ENA, while only 0.51 percent of addresses have above $100,000 ENA equivalent.

Observing ENA’s price action on TradingView indicates that the synthetic dollar protocol bounced off support on May 16 after nearly five weeks of extended pullback. The altcoin turned around at $0.6538 and has surged 48.65% in the past ten days.

ENA’s latest rally triggered a break above significant resistance around the $0.75 region before targeting the next significant level at $0.95. The price has tested this level before making a slight pullback to trade for $0.9246 at the time of writing, according to data from TradingView.