Etena price hits all-time high: Why is ESA rising?

Athena's (ESA) price has reached $1.49, up more than 18% in 24 hours as most altcoins struggle.
A surge in newly awarded awards to ESA awardees could boost ENN's value.

Athena (ESA) rose to $1.49 on Wednesday, an all-time high as the recently launched crypto project climbed into the top 50 cryptocurrencies by market capitalization.

According to data from CoinGecko, Athena is ranked 58th.Th The largest with a market cap of over $2.07 billion. The token's price was around $1.45 at the time of writing, up 18% in the last 24 hours and up nearly 30% in the past week.

Why is the price of Etna increasing today?

Today's gains for ENA came as Bitcoin bounced back at a key level following recent declines. Top altcoins fell as the crypto market reflected stocks, major US indices hit by CPI data and US President Joe Biden's comments on interest rate cuts.

While BTC, ETH and other tokens have struggled, the price of ENA has benefited from the stock's surge. Athena (ENA) is the native token of Athena Labs, a synthetic dollar protocol on top of Ethereum. USDe is a stable coin generating product.

The announcement earlier this week of an increase in rewards to stakeholders appears to have spurred activity, including from top Etena whales. Athena Labs on Wednesday announced Integration with top exchange wallets including Binance Web3, Bybit, OKX Wallet and Bitget Wallet.

Users who lock their own dollars in these Web3 wallets for at least 7 days will be eligible for a 20% increase in rewards.

On Monday, the protocol released “Season 2” rewards, where users who lock 50% or more of their tokens will be eligible for a 50% increase in their rewards.

Today we are introducing $ENA into Phase 2 to align USDE's development more closely with $ENA.

Users who lock in at least 50% of their total USDe holdings will receive $ENA.

i) Their rewards increased by 50%) Highest number of rewards per day from any pool pic.twitter.com/zxVmpGZSN6

— Athena Labs (@ethena_labs) April 8, 2024

According to the chain Data shared by LookonchainMany whales have staked out millions of ENN since the Season 2 awards were announced.

Aetna recently introduced a 750 million ESA airdrop to the community.