Ethena (ENA) Surges 7% in 24 Hours - Arthur Hayes Predicts $1 Price Target

Ethena (ENA) saw its price soar over 7% in the past 24 hours amid a broader crypto market rally.

During the same period, the crypto market soared over 3% to a capitalization of more than $3.23 trillion. All of the top 10 largest cryptos by market cap printed gains throughout the past 24 hours, but ENA outperformed all of the crypto majors. 

Data from CoinCodex shows that ENA trades at $0.2366 at the time of writing.

ENA price (Source: CoinCodex)

While the crypto has managed to post a strong 24-hour performance, it’s still more than 2% in the red on the longer-term monthly timeframe.

However, the altcoin could soon recover from its weekly performance, as known crypto figure Arthur Hayes predicted today that the crypto will eventually soar to $1 per coin.

Hayes Says ENA Will Soar to $1

Hayes made his bold prediction in an X post earlier today. 

In his X post, Hayes included an announcement from Upbit that it will list Ethena’s USDe stablecoin and introduce a range of trading pairs at around 6:00 PM KST today. According to the exchange’s announcement, it added KRW, BTC, and USDT trading pairs for the stablecoin. 

Upbit is the largest crypto exchange in one of the most active crypto trading regions globally. As such, the platform listing USDe could be a massive boost for the entire Ethena ecosystem, including its ENA crypto, in coming weeks.

If ENA does indeed soar to $1 like Hayes has predicted, it would mean a gain of about 318% from current levels. 

Hayes Has Been Acquiring ENA and Other “High-Quality” Defi Tokens

The prediction by Hayes follows the crypto executive’s announcement in recent weeks that he will be allocating more of his portfolio to “high-qaulity” DeFi tokens. 

While he did not mention which cryptos he would be buying specifically, on-chain data shared by Lookonchain in December shows that Hayes was actively purchasing ENA, PENDLE, and ETHFI.

According to Arkham Intelligence data, Hayes still holds about 3.16K ETH, which makes the altcoin king the largest allocation in his portfolio. His next-biggest investment is in EETH, followed by WEETH. At number 4 is ENA, with the crypto executive holding over 15.79 million tokens. 

At current prices, his holdings in ENA are valued at approximately $3.77 million.