- Trump-backed World Liberty Financials was bullish on ENA.
- Should you follow and jump on ENA too?
The Donald Trump-backed DeFi project, World Liberty Financials (WLF), has added Ethena [ENA] to its portfolio. According to blockchain analytics firm, SpotOnChain, the project bought $500K ENA.
WLF recently scooped top DeFi tokens including Ethereum [ETH], Aave [AAVE], and Chainlink [LINK]. In fact, AAVE and LINK pumped nearly 30% each after the bids.
ENA also pumped after the WLF move and posted over 13% gains. But what’s ENA’s valuation status, and can short-term players jump on the trend?
ENA’s upside potential
Source: Santiment
As of this writing, short and mid-term ENA holders had massive triple-digit unrealized profits. This was illustrated by the 186% for 180-day MVRV and 175% gains for 90-day MVRV gains.
This meant that those who have held ENA for the past six or three months had huge unrealized gains and could book profit. So, per MVRV, ENA was relatively overvalued.
However, another crypto investor, Byzantine General, argued that ENA could still have massive upside potential, citing its outperforming stablecoin yield, USDe. He said,
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Author: Benjamin Njiri
