By Nermeen Nabil Khear 
The $ENA utility token underpinning crypto-native synthetic dollar protocol Ethena has risen 13% in the last seven days, outperforming market leaders Bitcoin ($BTC) and Ethereum ($ETH) over the same period.
These gains are largely thought to be the result of a $12 million altcoin shopping spree by Donald Trump’s crypto project World Liberty Financial over the last week, which was followed by a $500,000 investment in Ethena on Sunday.
Ethena’s heavyweight backing isn’t the only reason $ENA is doing well, though. Looking at recent numbers, Ethena has outperformed the market leaders over the last fortnight and month too.
$ENA rallied 36% in the last fourteen days and 100% over the last month.
Bitcoin, which has had a better end of year than many expected, only rallied 12.2% and 17.4% over the respective periods. Ethereum rallied 10.4% over the fortnight and 28% over the month.
However, Ethena’s surge is now cooling off. The token dropped 1.5% overnight and currently trades at $1.15. Meanwhile, Bitcoin added 3.4% to $106,983, while Ethereum rose 2.8% to $3,999.
Ethena’s trading chart over the last three months shows just how rapidly $ENA has been climbing since late November, with both resistance (red line) and support (green line) shooting up in parallel.
The token’s 30-day moving average is higher than its current price, and its relative strength index is falling from the already-low 43, which indicates continued selling pressure that should rebound overnight as dip buyers a re-buyers take up position to help $ENA consolidate its position before the next leg up.
Not Just Ethena, Other Altcoins are Dominating Christmas Crypto Sales
The altcoin fun doesn’t just end with Ethena this Christmas.
One new meme coin hit the market a little over a week ago and has already raised an eye-watering $27.7M. More than two-thirds of that was raised in the last 24 hours alone. Its name is Wall Street Pepe ($WEPE).
Wall Street Pepe’s pitch is about rallying retail to fight back against market manipulation by whales and institutions. $WEPE is fundamentally a stick-it-to-the-man meme coin that is quickly building a WEPE Army thanks to its dedication to communal decisions and pooling meme coin trading knowledge.
$25M raised. Green candles. Good vibes. Frogs are pumping.
pic.twitter.com/1UbCTrfIBn
— Wall Street Pepe (@WEPEToken) December 16, 2024
$WEPE holders get access to a private insider group. From here, they gain exclusive trading insights, strategies, and alpha calls, enabling them to stay informed about the next great trade.
Through collective action, the WEPE Army can counter whale manipulation and level the field for retail investors.
To purchase, visit the Wall Street Pepe website, connect an Ethereum wallet (for example, Best Wallet), and purchase $WEPE with $ETH or $USDT. You can also pay with a credit or debit card.
Those purchasing through Best Wallet gain immediate access to all the essential news and information about Wall Street Pepe. Additionally, their $WEPE token balance is viewable in the wallet before the official claim date is announced.
Download and install the Best Wallet from Google Play or the Apple App Store.
Join the WEPE army over on X and Telegram.
The post Trump-Linked Wallet Buys Ethena as $ENA Gains Traction – Is Wall Street Pepe Next? appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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