A prime crypto dealer thinks one Ethereum (ETH)-based decentralized finance (DeFi) token is an “apparent play” amid current ETH developments.
The pseudonymous analyst often called the Stream Horse tells his 216,500 followers on the social media platform X that the governance token of Ethena (ENA) seems to be promising.
“Trying to go for spherical 2 of a shift within the tempo downward and doable turnaround.”
The Ethena Labs venture consists of the yield-earning “artificial greenback” token USDe. The venture goals to create a steady and scalable type of cash within the crypto house with out counting on conventional banking methods.
ENA is buying and selling at $0.848 at time of writing. The 83rd-ranked crypto asset by market cap is up almost 15% prior to now week.
The Stream Horse notes that he primarily plans to give attention to Ethereum, nevertheless.
“On an actual word. I already see a ton of individuals speaking about ETH beta. Are you aware what most of my ETH beta might be? Leveraged ETH.
Consider the dust that ETH was dragged by over the past yr, and the way sudden this was. There may be a number of catching as much as do, this isn’t priced in.”
This afternoon, the SEC accepted Ethereum ETF kind 19b-4 filings from BlackRock, Constancy, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
Nevertheless, the approval of the corporations’ S-1 registration filings stays excellent.
ETH is buying and selling at $3,738 at time of writing. The second-ranked crypto asset by market cap is up almost 24% prior to now seven days.
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