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ENA Price Skyrockets 20% As Ethereal Exchange Proposes Ethena Integration

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5 hours ago

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Ethereal, an integrated spot & perpetual futures DEX, requests the Ethena community to approve a proposal to directly integrate the DEX into Ethena-related reserve management from launch. It will help provide a fully on-chain venue for the management of spot and derivative positions backing USDe. ENA price skyrocketed over 20% as traders reacted immediately.

Ethereal Exchange Proposal Integration with Ethena

On September 20, Ethereal Exchange submitted a proposal for governance voting in Ethena forum. It requests the Ethena community to approve the launch of spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity.

“We are requesting support from the Ethena community for an integration with Ethereal as a venue for executing hedging transactions, subject to satisfactory technical due diligence conducted by the Ethena Foundation and Risk Committee.”

In addition, the move would offer an expanded utility and demand for USDe. The passing of the proposal commits a 15% allocation of any potential Ethereal governance token to ENA holders. The Ethena community is actively discussing the mutual benefit and added value.

Ethereal V1 is an L3 EVM appchain settling to the Ethena Network. Also, a testnet is expected in Q4 this year, with potential launch of the DEX in 2025.

ENA Price Shoots Over 20%

Traders responded immediately to the new proposal by Ethereal Exchange, considering new developments in the Ethena ecosystem. Last week, Ethena Labs announced launch of a UStb stablecoin collateralized fully by BlackRock and Securitize offering differentiated risk profile to USDe.

Ethena price saw a 24-hour low of 0.3496 and a high of 0.4179 after an almost 50% rally in a week. ENA price jumped 20% in the past 24 hours, with the price currently trading at $0.411. Furthermore, the trading volume has shot up by 145% in the last 24 hours, indicating a massive interest among traders.

Derivatives market also witnessing massive buying of the token. Coinglass data indicates ENA futures open interest shoots over 13% in 4 hours and over 20% in 24 hours. Huge buying activity was noticed across exchanges such as Binance, Bybit, and Coinbase, taking the total ENA futures OI to $190 million.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance Confirms EigenLayer (EIGEN) Listing After Coinbase

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4 hours ago

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September 30, 2024

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Crypto exchange Binance on Monday issued a vital announcement on the decentralized Ethereum restaking protocol, EigenLayer (EIGEN). The exchange revealed that it will list the digital asset on its platform and commence trading shortly ahead. Further, with another prominent crypto exchange, Coinbase, bolstering the ERC-20 crypto, market sentiments for its future have turned highly optimistic.

Binance Reveals EigenLayer Listing WIth Seed Tag Applied

According to an official Binance announcement dated September 30, the crypto exchange will list EigenLayer (EIGEN) and commence spot trading for specific pairs starting October 1 at 05:00 UTC. As per the announcement, the new spot trading pairs available for trading will be EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY. The announcement clarified that users can now start depositing EIGEN in preparation for trading.

Simultaneously, Binance revealed that withdrawals for the same will commence on October 2 at 05:00 UTC. The listing fee set by the exchange is 0BNB, underscoring efforts to offer a seamless listing process. Also, the announcement notified users that seed-tag would be applied to the asset, indicating high risk and volatility.

Nonetheless, the listing promptly garnered significant attention across the broader market. Intriguingly, Coinbase, another top crypto exchange, earlier revealed that it is listing EigenLayer, pouring additional optimism on the asset. Altogether, the leading exchanges’ listings have brought substantial investor attention to the ERC-20 token. Crypto market enthusiasts speculate whether the listings could ignite a positive momentum in the coin’s price ahead.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shiba Inu Team Shares Big Update On ‘Shib The Metaverse’ Launch

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6 hours ago

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September 30, 2024

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The latest update from Shiba Inu’s team on ‘Shib The Metaverse,’ a virtual playground within the SHIB ecosystem, has garnered noteworthy attention across the crypto landscape. SHIB’s marketing lead, Lucie, revealed that the metaverse’s launch on the meme coin’s ecosystem is closer. This statement, showcasing a game-changing development for the dog-themed token, has reverberated investor optimism globally.

Shiba Inu’s Lucie Hints ‘Shib The Metaverse’ Launch Is Imminent

Marketing lead Lucie took to X on September 29, spotlighting vital details on “Shib the Metaverse: Where the Community Meets, Dreams, and Schemes.” As per her post, the meme token’s ecosystem will finally see the launch of the metaverse in the “foreseeable future.”

Further, the new “space is set to become the beating heart of the SHIB community, where user-generated content, ideas, and collaboration thrive,” Lucie added.

The post pointed out that SHIB holders may think of the virtual playground as the ‘ultimate HQ’ within the ecosystem. With the upcoming rollout, users can chat about fresh ideas, vote on essential proposals, and foster strategies for the ecosystem’s future. This mover is expected to substantially boost activity within the Shiba Inu ecosystem while also solidifying its user appeal.

Meanwhile, additional ecosystem developments spotlighted by the marketing lead in recent X posts have added to optimism about the SHIB coin’s market stance. The dog-themed meme coin’s community reveals how it brought fiat on-ramps to Shibarium, a Layer 2, further revolutionizing the ecosystem.

Intriguingly, Lucie revealed that the future might be even more intriguing, as Shib developers recently explored zkKYC, a privacy-focused method for verifying users without compromising personal data. In addition, “there were plans to introduce fiat top-ups,” the marketing lead added.

SHIB Price Plummets

However, despite the abovementioned advancements, the Shiba Inu coin saw a selloff today. SHIB price slipped nearly 6% to $0.00001873 in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001843 and $0.00001984, respectively. Besides, the weekly chart for the token illustrated a 27% uptick, hinting that today’s slumping movement aligns with the broader market trend.

Coinglass data indicated an 8% downswing in SHIB futures OI to $60.28 million today. Further, the derivatives volume plunged 41% to $356.72 million, mirroring the loss of investor interest in the asset amid the recent price drop. However, the abovementioned advancements and the broader time frame charts have birthed contrasting market sentiments.

CoinGape Media recently reported the SHIB burn rate to have skyrocketed, weighing the scales towards the bullish side for Shiba Inu. Crypto market watchers continue to monitor the token amid recent trend shifts.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Vitalik Buterin Continues Selling Ethereum, ETH Price Dips 2% from Resistance

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8 hours ago

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September 30, 2024

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The latest on-chain data shows that Ethereum co-founder Vitalik Buterin has continued to sell the altcoins from his ETH holdings. After showing major strength this past week, the ETH price faced selling pressure from $2,700 correcting 2% more in the last 24 hours.

Vitalik Buterin Continues Selling Ethereum

As per the on-chain data from SpotonChain, Ethereum co-founder Vitalik Buterin has transferred nearly 1,300 ETH to crypto exchange Paxos in the past 12 days. It also shows that a wallet belonging to Buterin, identified as “0x556,” deposited 649 ETH (valued at $1.72 million) to Paxos in the last 24 hours.

Earlier this month on September 19, the same wallet received 1,300 ETH ($3.21 million) from another wallet, “0xd04,” funded by Buterin with 70,000 ETH back in 2022. Over the past 11 days, wallet “0x556” has transferred all 1,300 ETH to Paxos, capitalizing on Ethereum’s price recovery. The average sale price was $2,581 per ETH, totaling $3.35 million.

The recent wallet movements happened as Vitalik Buterin unveiled the concept of ‘Ethereum alignment’ as a measure to enhance the Ethereum ecosystem. This new framework seeks to provide a balance between decentralization and the Ethereum ecosystem. Furthermore, this initiative of “Ethereum Alignment” also focuses on reducing centralization while fostering projects that support public goods.

It seeks to unite researchers, client teams, and developers in their efforts to build a cohesive and decentralized ecosystem. Additionally, Vitalik Buterin highlighted the importance of open-source principles, which promote transparency and security across the network.

While the Ethereum co-founder has been selling, smart whales have been buying the ETH dips. Lookonchain reported that a savvy Ethereum trader purchased 10,083 ETH worth $26.8 million just eight hours ago.

With a flawless track record, the trader has executed 10 successful ETH swing trades since August 12, thereby minting a total of $2.14 billion in profits. On the other hand, the spot Ethereum ETF inflows also resumed last week showing institutional participation.

ETH Price Faces Resistance

After showing strength during the past week, the Ethereum price has corrected 1.34% in the past 24 hours and is currently trading at $2,626.78 with a market cap of $316 billion. Popular crypto analyst Daan Crypto stated that “ETH is yet to make a higher high, something that BTC managed to do last week”. Thus, the bulls still need to put in additional efforts to confirm the trend reversal.

However, for this to happen, the ETH price first needs to surge past its 200 EMA at $2,800 to confirm an overall upside momentum.

The ETH price correction comes amid the broader market drop in early trading hours on Monday as the market braces for volatility ahead of the US jobs data release this week.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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