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Bybit Partnership Boosts Ethena (ENA) Price Target Amid High Trader Activity
Amid its recent partnership announcement with Bybit, the Ethena (ENA) price surged all the way to $1.0 earlier today. As of press time, ENA is trading 4% up at $0.902 with a market cap of $1.37 billion and daily trading volumes surging by a staggering 45% to $632 million.
Ethena Partners With Bybit
On Tuesday, May 7, Ethena announced its partnership with crypto exchange Bybit to integrate its USDe stablecoin as collateral for Perpetual futures trading on the platform. this will provide Bybit users the ability to earn yields as well as unlock “greater capital efficiency”.
USDe is the native stablecoin of Ethena Labs, hailed as “the first-ever scalable synthetic dollar”. Last month, the platform incorporated Bitcoin as an asset supporting USDe after distributing its governance token, ENA, via airdrop to eligible users.
The integration of USDe with Bybit will also introduce Bitcoin and Ether spot trading pairs with USDe, as announced in a press release. Additionally, USDe will be available on the exchange’s Earn platform, allowing users to utilize their synthetic dollars for Bybit launchpool farming. speaking on the development, Guy Young, CEO and founder of Ethena Labs, said:
“Ethena’s integration with Bybit is a significant step in driving use cases for USDe. Offering USDe as collateral on Bybit which is one of the most important derivative venues in all of crypto will unlock USDe’s next wave of growth, further challenging the existing stablecoin hegemony with a tailored product purpose-built for crypto-natives”.
ENA Price Target of $10
Soon after going last month in early April, the Ethena (ENA) price surged all the way to $1.50 in a week’s time driving investors’ attention. However, in the past few weeks, the ENA price retraced by nearly 50% dropping all the way to $0.80.
Now, Ethena has resumed its upward trajectory once again trying to give a breakout past $1. Arthur Hayes, CEO of crypto exchange BitMEX predicted that the ENA price could rally further to $10.
Currently, the ENA token has retraced below the crucial support level at $0.9425, its peak reached on April 29th, while still maintaining a slight position above the 50-period moving average. As a result, the current outlook for the token remains neutral. Key support and resistance levels to monitor are at $0.85 and $1.03 respectively.
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.
XRP is showing signs of a strong recovery, buoyed by substantial whale accumulation and renewed investor confidence. Having dipped below $0.41 recently, XRP has rebounded to around $0.44, reflecting a positive shift in sentiment.
Meanwhile, this resurgence is driven by notable market movements, including a significant purchase by a whale and speculation surrounding Ripple’s ongoing legal battle with the U.S. SEC.
Whale Accumulation Sparks Market Optimism
The crypto community has been abuzz with reports of a massive XRP accumulation by a whale identified as “rPz2q…N4iNf.” According to Whale Alert, this whale acquired 300 million coins from Binance, worth approximately $130.13 million. Such significant purchases often signal confidence in a crypto asset, potentially indicating expectations of future price increases.
Meanwhile, this whale activity comes amid broader market turbulence, where recent crashes have created buying opportunities for investors. Pro-XRP lawyer Bill Morgan recently stated that he has increased his XRP holdings during the price dip.
Besides, Morgan also mentioned his plans to accumulate more if prices decline further, highlighting a bullish outlook among XRP enthusiasts. In addition, the ongoing legal saga between Ripple and the U.S. SEC has added another layer of intrigue.
The anticipation of Ripple soon achieving a favorable outcome has fueled speculation and optimism among investors. Historical patterns suggest that positive legal developments have previously led to robust gains for XRP.
Having said that, investors are now closely watching for any signs that could signal the conclusion of this high-profile case, potentially driving further price recovery.
Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto
XRP Price Soars
The Ripple vs. SEC case continues to be a focal point for the XRP community. Anticipation around the possible conclusion of this legal battle by July has heightened market interest.
On the other hand, the XRP enthusiasts argue that the crypto has reached a price floor, suggesting it is poised for a rally. Bill Morgan noted that favorable rulings in the past have significantly boosted XRP’s price, and a similar outcome in the current case could yield comparable results.
The market’s attention is also on Judge Torres, who previously issued a ruling that positively impacted XRP holders. A favorable decision for Ripple could potentially replicate those gains, boosting investor sentiment and driving the price higher.
During writing, XRP price soared past the $0.44 mark with an increase of 1.55%. The crypto has touched a low of $0.4047 in the last 24 hours. Furthermore, its trading volume rocketed 86% from yesterday to $1.33 billion.
Besides, CoinGlass data showed that XRP Futures Open Interest recovered from yesterday, potentially indicating that the market is regaining confidence towards the crypto.
Also Read: Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption
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.
In a remarkable shift, Solana has overtaken Ethereum, attracting significant investment amid a $441 million inflow into the crypto market. With Solana pulling in over $16 million compared to Ethereum’s $10 million, the dynamics of digital asset investments are seeing notable changes.
Notably, this development signals a growing interest in alternative cryptocurrencies as investors seek new opportunities.
Solana Outshines With Robust Weekly Inflow
Solana’s recent performance has caught the attention of investors, as highlighted in a report by CoinShares. Digital asset investment products saw substantial inflows totaling $441 million, with recent price dips viewed as buying opportunities.
Meanwhile, the inflows were primarily driven by the U.S., contributing $384 million, while other significant contributions came from Hong Kong, Switzerland, and Canada. According to the report, Bitcoin led the inflows with $398 million, but for the first time, it accounted for just 90% of the total, indicating a broader interest in top altcoins.
On the other hand, Solana emerged as the standout altcoin, attracting $16 million last week and bringing its year-to-date inflows to $57 million. This makes Solana the top-performing altcoin in terms of investment flows, surpassing Ethereum, which saw $10 million in inflows but has experienced net outflows year-to-date.
However, blockchain equities did not share this positive sentiment, facing an additional $8 million in outflows, bringing the year-to-date total to $556 million. The report suggests that recent selling pressures from the German government’s Bitcoin dump have impacted the market, but savvy investors are leveraging these events as opportunities to invest in digital assets.
Besides, looming concerns over Mt. Gox repayments have also weighed on the broader crypto market sentiment lately.
Also Read: Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600
Potential Reasons Behind The Robust Performance
The question remains: why is Solana outperforming Ethereum? Several factors contribute to this trend. One significant reason appears to be the ongoing discussions about a potential Solana ETF in the US.
VanEck was the first U.S. firm to file for a Solana ETF with the SEC, which may have fueled optimism among investors, driving robust inflows into the asset.
Additionally, Solana’s performance in the broader altcoin market has been notable. As investors diversify their portfolios beyond Bitcoin and Ethereum, Solana’s technological advancements and growing ecosystem have made it an attractive option.
The network’s scalability, lower transaction costs, and rapid transaction speeds position it as a strong competitor in the decentralized finance (DeFi) space. Moreover, regional investment patterns highlight a global interest in Solana.
While the U.S. remains a dominant player, substantial investments from Hong Kong, Switzerland, and Canada underscore Solana’s appeal across different markets. This diverse investment base further strengthens its position as a leading altcoin.
On the other hand, the SEC delaying the U.S. Spot Ethereum ETF approval might have forced some investors to shift their focus toward other low-priced altcoins.
Also Read: Binance To Delist All Spot Pairs Of These Major Crypto
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.
The recent hype around the potential ETH ETF is causing investors to scout for Ethereum meme coins to invest in. Ethereum price prediction shows the ETF news is not yet priced in. Furthermore, ETH seems to be following Bitcoin’s trajectory following its ETF approval. BTC’s price retraced after its ETF news before surging to $73,000.
Ethereum is a huge network and meme coins are famous for being the best runners during impactful market news. However, not all meme coins are winners. Here are three meme coins to buy before the Ethereum ETF gets approval in July.
1. Ethereum Meme Coins – Turbo (TURBO)
Turbo is the first AI-scripted meme coin in the history of cryptocurrencies. The token, which was launched on the Ethereum blockchain, was created using only a budget of $69 and following guidance from OpenAI’s ChatGPT. The community came in later and crowd-funded the initial liquidity required to launch the project, as the previous $69 was not enough. Turbo is therefore a community token, riding both the meme coin and artificial intelligence (AI) narratives in this bull run.
The price of TURBO today is $0.004287, a 7% drop in the last 24 hours following Bitcoin’s sell-off. Turbo did well following its launch, hitting an all-time high of $0.009632 two months ago before retracing. TURBO’s market cap is currently at $294 million—enough to surge 10–20X and transform investors’ portfolios. TURBO’s 24-hour trading volume is down 28% as market participants refrain from trading during these market conditions.
The AI revolution in the crypto industry is picking up fast, and more so within the Ethereum meme coin ecosystem. Turbo and a few other AI based meme coins may be the first runners if Ethereum gets a win with ETF approval. The current price retrace sets TURBO in an optimal buy-in position.
2. Pepe (PEPE)
Pepe is among the top list of the giant Ethereum meme coins that started as a joke, before quickly garnering popularity. The meme coin was inspired by Pepe the Frog, an internet meme by Matt Furie. Furie is also the creator of several other memes on the Ethereum chain, namely, Landwolf, Andy (ETH), Bird-Dog, and Fofar. By extension, these meme coins have the potential to soar along with PEPE.
The price of PEPE today is $0.00000876, which represents a drop of 4.6% in the last 24 hours. Sitting at a market cap of $3.6 billion, Pepe has fallen by over 50% from its all-time high market cap. This is just an indicator of how volatile meme coins can be.
Despite this fall in price and valuation, the number of Pepe holders is up over 5% in the last month and $0.01% in the last 24 hours per Santiment.
Additionally, the 24-hour trading volume for Pepe just rose by 19%, signaling recent market activity. This means that even though there is blood in the markets, investors and traders feel comfortable continuing to invest in Pepe.
PEPE price showcased incredible price performance following the announcement of the approval of Ethereum ETF 19-4b forms. Even though this approval was not the real thing since it could be contested, Pepe’s price still soared and hit an all-time high price of $0.00001665 on May 28 before beginning to retrace.
3. Floki (FLOKI)
Floki is one of the older meme coins that came out right after Shiba Inu’s rise to popularity. Having been around for three years, Floki’s creation drew inspiration from Elon Musk but has since transformed from just a meme coin to a recognizable brand all over the world. Floki has over 480,000 holders and boasts multiple partnerships with sports clubs, DeFi protocols, and popular blockchain companies.
Floki price is trading at $0.0001436, a 1.4% price drop in the last 24 hours. The meme coin has had three major peaks in its lifetime, one in November 2021 and the other two within the March-June period. The price action of Floki formed a potential double top, which may result in a further drop in price to $0.00003500. If the current support holds, Floki may enter into a consolidation zone between $0.00033 and $0.00015.
Being an ERC20 meme coin with a large holder base, Floki may be one of the top Ethereum meme coins to run hard in the case of an ETF approval.
Bottom Line
The potential Ethereum ETF approval anticipation fuels interest in ERC20 meme tokens like Pepe, Floki, and Turbo. These tokens command attention for their ability to potentially return high rewards in a short period of time. As we approach the expected decision day, price volatility in the crypto market may increase.
Frequently Asked Questions (FAQs)
According to speculations, an ETH ETF approval is expected around mid-June.
Some analysts say that Ethereum can pump to 6,600 after ETH ETF approval.
The first Bitcoin ETF was approved on January 10, 2024.
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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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