Over the past few days, the cryptocurrency market has been under significant selling pressure, leading to a notable decrease in the value of top assets. Ethena (ENA), an Ether-based token, has been particularly affected by this downturn, experiencing a price decline of over 30% in the last week. This sharp drop has caused ENA to hit its lowest point yet.
![\"\"](\"https://image.coinpedia.org/wp-content/uploads/2024/08/04002640/ENA_All_graph_coinmarketcap-1024x683.jpeg\")
Arthur Hayes’s ENA predictionÂ
After its launch on Binance, former BitMEX CEO and co-founder Arthur Hayes had predicted that ENA would reach $10. However, with its current performance, it seems to have fallen short as it now stands at a new low of $0.32.
Despite this, following Hayes’s prediction on X (formerly Twitter), ENA surged to a high of $1.523. Since then, it has been on a downward trend, experiencing an 80% price drop.
Ethena price-performance analysisÂ
Currently, ENA is trading around $0.32, with a 12% price decrease in the last 24 hours. Looking back over the past month, ENA has seen a consistent 30% decline in price.
Furthermore, ENA’s trading volume has risen by 13%, indicating increased activity from investors and traders. However, this may be attributed to a sell-off of ENA due to its new low. In addition, the open interest (OI) for ENA has dropped by 11% in the last 4 hours, showing decreased interest from the crypto community.
Arthur Hayes’s past WIF prediction
Ethena was not the only coin Hayes made predictions about, as he had previously set a $10 target for the popular meme coin, dogwifhat (WIF).
However, like ENA, WIF has also been heavily impacted by the current selling pressure, experiencing a price decline of over 15% in the last 24 hours.
