Crypto Surprise: Upbit Lists Ethena and It Skyrockets 20%—Find Out Why! 🌟

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Well now, gather ’round, folks! The good ol’ South Korean crypto exchange known as Upbit has gone and made an announcement that has sent financial butterflies fluttering through the air—yes, indeed! They’ve pulled a rabbit out of their hat by declaring the listing of Ethena, or as the youngins call it, ENA. Hold onto your hats, because the token went from a humble $0.32 to heights unknown, leaping up 20% like a rabbit after a carrot! 🐇🥕

In the blink of an eye, trading support for ENA will kick off at 17:00 KST on the 11th of July, with folks able to deposit faster than a cat on a hot tin roof right after the news broke. 😸✨

The Enigma of Ethena’s Preeminence

Now, why the fuss, you ask? Well, it seems Ethena has found itself in a rather favorable light in the synthetic dollar sector—a place where investors are itching to lace their boots for the next big crypto adventure. Conor Ryder, the esteemed Head of Research over at Ethena Labs, shared a chart that makes one’s eyes pop: ENA commands a staggering 81% market share in a domain with only 29 scant competitors. That’s akin to lassoing all the cows in a one-horse town! 🐄🤠

“$ENA is listed on Upbit @upbitglobal, the finest South Korean exchange,” they twirled.
Ever the diligent entertainers, they added,
“업비트 원화 마켓에 $ENA 가 상장되었습니다. 주 업비트 그래요!”

And, lo and behold, this level of market grip is downright unmatched in the wild and woolly world of DeFi—eclipsing even the likes of Uniswap, which boasts a meager 20% share in a rodeo of 1,697 competitors, or Aave’s 45% share in Lending while wrangling with 534 others. That’s what we call a clean sweep, folks!

Sector Market Share | Source: Conor Ryder

Ryder himself, with his sage wisdom, declared, “In this here industry, synthetic dollars/perp funding rates are one of the few opportunities left that can lead to revenues soaring over a billion dollars.” If you ask me, it sounds like a gold rush. “With over 80% share and fewer than 30 competitors, billions are going to flood the winner’s way.” Sounds a bit like a lottery, don’t it? 🎰💰

ENA Price Analysis: ENA/USDT Soars on Momentum

Now, let’s get to the juicy part. Following Upbit’s grand news, ENA shot upwards by a remarkable 20%, vaulting from $0.3176 to a high of $0.3900 faster than a wink, before settling down to $0.3634, like a child at storytime.

The price burst forth above the upper Bollinger Band at $0.3282—now that’s what we call a proper breakout! The middle band at $0.2758 is now being revered as the near-term support, like a trusty steed in a wild west roundup.

Meanwhile, the RSI sits perched at a rather elevated 89.80—talk about being overbought! And wouldn’t you know it, the MACD line, dressed in its snazzy blue, has crossed above the signal line. A bullish momentum indeed! 🐂🚀

ENA Daily Chart with Momentum Indicators | Source: TradingView

As luck would have it, the Balance of Power is flaunting a figure of 0.57, showing that buyers are the top dogs in this market playground—a commendable sign of accumulation. 💪

Based on the current trajectory, if ENA manages to make another go at that immediate resistance of $0.3900, keep your eyes peeled for a breakout target somewhere in the $0.42 to $0.45 range. And, should there be a minor hiccup, fret not, as it could serve as a golden opportunity if the price keeps its head above the psychological $0.30 level, maintaining its glorious breakout range.

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2025-07-11 14:50