A top crypto trader believes one Ethereum (ETH)-based decentralized finance (DeFi) token is the “obvious investment” amid ETH’s recent movements.
An anonymous analyst known as Flow Horse has told his 216,500 followers on social media platform X that Ethena’s (ENA) governance token holds promise.
“We'll try to slow down the pace and look for a second round where we can potentially turn it around.”
The Ethena Labs project involves a yield-producing “synthetic dollar” token, USDe, whose aim is to create a stable and scalable form of money in the cryptocurrency space without relying on the traditional banking system.
ENA is trading at $0.848 at the time of writing. The 83rd-largest crypto asset by market cap has risen by roughly 15% over the past week.
However, Flow Horse noted that they plan to focus primarily on Ethereum.
“The truth is, I'm already seeing a lot of people talking about ETH beta. You know what most of my ETH beta will be? Leveraged ETH.”
Consider the mess ETH has been in over the past year. This was unexpected. There is a lot to recover, but this is not reflected in the price.”
This afternoon, the SEC approved Ethereum ETF Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton, and Invesco Galaxy.
However, approval of the company's S-1 registration application has yet to be granted.
ETH is trading at $3,738 at the time of writing. The second-largest crypto asset by market cap has risen by around 24% over the past seven days.
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