Ethena (ENA) Price Spikes 19.27% Following Upbit’s Listing Announcement

Uncover key highlights within the NFT area. This article dives into: “Ethena (ENA) Price Spikes 19.27% Following Upbit’s Listing Announcement”.

South Korea’s largest cryptocurrency change by buying and selling quantity, Upbit, has formally introduced the itemizing of Ethena’s native token, ENA.

Following the announcement, ENA noticed a double-digit surge throughout Friday’s early Asian buying and selling hours.

Ethena’s ENA Token Rises After Upbit Listing

In an official discover launched right now, Upbit revealed that the ENA will probably be out there to commerce in opposition to three buying and selling pairs: the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Furthermore, buying and selling will start at 5:00 PM Korean Standard Time (KST) right now.

The deposits and withdrawals for ENA will start inside two hours of the announcement. The change added that deposits are solely supported by means of the Ethereum community.

It additionally inspired customers to confirm the community earlier than making any deposits. Furthermore, if adequate liquidity isn’t secured after the announcement, the beginning time for buying and selling assist could also be postponed.

“The contract address for ENA supported by Upbit is 0x57e114B691Db790C35207b2e685D4A43181e6061. Please confirm the contract address when proceeding with ENA deposits/withdrawals,” the discover reads.

The itemizing announcement reveals Upbit’s continued push to develop its choices, following yesterday’s additions of Hyperlane (HYPER) and Babylon (BABY). These listings sparked notable worth will increase for the altcoins, a sample that additionally held true for ENA.

Market information confirmed that ENA rose from round $0.327 to $0.390, marking an appreciation of 19.27%. It shed a few of these positive factors to commerce at $0.357 on the time of writing. Still, it was up $9.9%.

Ethena (ENA) Crypto Token Performance. Source: TradingView

Furthermore, over the previous two weeks, ENA has skilled a 42.3% uptick. This is very notable given the truth that over 210 million new ENA tokens entered the market. 

Data from Tokenomist revealed that ENA noticed two token unlocks this month. On July 2, the workforce launched 40.63 million tokens. Shortly after, on July 5, one other 171.88 million tokens had been unlocked. Despite this, ENA maintained upward momentum. 

In addition, the expansion of the Ethena protocol has been equally notable. According to CryptoRank, the protocol’s whole income reached $290.2 million on July 9. This locations it among the many prime stablecoin issuers globally, following Tether, Circle, and Sky.

The analysis and analytics platform additionally harassed that Ethena was the second quickest platform to achieve $100 million in cumulative income, a milestone it achieved simply 251 days after launch.

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