Date: Sun, Dec 15, 2024, 04:11 AM GMT
The cryptocurrency market has seen notable upward movements today in major altcoins and Ethena (ENA) stealing the spotlight. ENA has surged by over 13% in the past 24 hours, solidifying its position as a top gainer. The token is currently trading at $1.15, boasting a market capitalization of $3.38 billion.
Trump’s World Liberty Financial Fuels ENA Rally
A key driver of this rally is the recent accumulation of ENA by Trump’s World Liberty Financial. The fund made a significant move earlier today, spending $500,013 USDC to purchase 509,955 ENA tokens at an average price of $0.981.
This isn’t the first time the financial entity has sparked price rallies. Recent purchases by the fund include:
- 78,387 LINK, acquired at an average price of $25.51 for $2M, now up by $290,000.
- 5,886 AAVE, bought at an average price of $324.40 for $1.91M, currently yielding a profit of $252,000.
More Gains on the Horizon?
With today’s rally, ENA has made a strong reversal from its key breakout level of $1.12 and is now holding steady above $1.16. If the bullish momentum continues, the token could target its next major resistance at $1.52, which is also its all-time high.
Given the pattern seen in LINK and AAVE after similar accumulations by Trump’s World Liberty Financial, ENA could very well experience a similar trajectory. Should this play out, a potential 30% upside is on the table.
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