- Ethena’s (ENA) unique stablecoin peg mechanism and upcoming airdrop featuring Bitcoin as collateral drive demand.
- Wormhole (W) introduces multi-chain accessibility and pending staking features, indicating growth potential.
- Pendle (PENDLE) boasts high TVL and trading volume, with a focus on liquid restacking tokens (LRT) for growth.
In dynamic crypto market conditions, observers and investors continue to monitor market movements and events that can affect the value of crypto assets. The following article discusses five crypto assets worth monitoring in May 2024.
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1. Ethene (ENA)
Ethena (ENA) is the governance token of Ethena Labs, the issuer of the USDe stablecoin. Ethena offers a stablecoin with a unique peg-keeping mechanism, empowering crypto staking and futures markets. Ethena is holding its second airdrop under the campaign name “Sats”, introducing Bitcoin as a collateral asset. Previously, Ethena only involved the use of USDe in the airdrop criteria. Now, Ethena has included the use of ENA in its second airdrop.
There is still a possibility that Ethena will develop the use of ENA tokens for airdrop criteria, thereby increasing demand for this token. The ENA token rose almost +200% a few days after listing from $0.52 to $1.52. Now the price of ENA has reached $0.8501.
2. Wormhole (W)
W is the governance token of the Wormhole Bridge development protocol. On April 25, 2024, the project introduced Wormhole Native Token Transfers (NTT), which makes W tokens multi-chain accessible. The next development will likely be Wormhole Staking, which will allow users to stake W tokens.
In terms of price action, W has experienced sideways since April 12, 2024, with a price range of $0.52 – $0.70. Now W is trading at $0.7399, still in the sideways area which indicates it is still in the accumulation phase.
3. Pendle (PENDLE)
Recently, Pendle has become frequently discussed in the realm of airdrop point farming thanks to its yield token (YT) product. For your information, Pendle is the 7th largest DeFi protocol based on TVL, at $4.2 billion. Recently, the platform managed to record an accumulated trading volume of $15 billion.
Interestingly, with its TVL achievement and significantly increased volume, PENDLE was only ranked 68th by market capitalization, at $1.25 billion. This is also with more than 50 million tokens currently locked in governance participation. Pendle is focusing on the utilization of liquid restaking tokens (LRT), making it likely to be affected by the restaking narrative. This token rallied from March 20, 2024, rising +223% from $2.33 to an ATH price of $7.53. Now the price of Pendle has reached $5.06.
4. Ether.fi (ETHFI)
ETHFI is the governance token of the Ethereum staking protocol Ether. fi. This token was first launched via airdrop on March 15, 2024. Ether. fi has ties to EigenLayer, the parent Ethereum staking protocol. With rumors of an EigenLayer airdrop in May 2024, the crypto community can start betting on the restocking sector via the EigenLayer token, the largest staking protocol. This will most likely have an impact on related tokens, one of which is ETHFI. The ETHFI token rose almost +200% a few days after being listed on various exchanges from $2.92 to $8.65. Now the price of ETHFI has reached $4.06.
5.Ondo Finance (ONDO)
ONDO is Ondo Finance’s governance token. It could be said that Ondo Finance is the face of the real-world assets (RWA) sector today, with a token valuation of $1.05 billion.BlackRock’s involvement in the world of RWA through the tokenization of its BUILD assets, is unlikely to stop here.
Ondo Finance is likely to be a strong candidate for collaboration with large institutions, such as BlackRock in terms of RWA, resulting in speculation of ONDO token price appreciation. This token has experienced a significant increase since April 20, 2024, namely up +169% from $0.39 to the ATH price of $1.05. Now the price of ONDO has reached $0.8239.
The future of Ethene (ENA), Wormhole (W), Pendle (PENDLE), Ether.fi (ETHFI), and Ondo Finance (ONDO) in the crypto industry look promising. These tokens are innovating within their respective niches, attracting attention through unique features and partnerships. As the crypto market evolves, their continued development and strategic collaborations may lead to further growth and adoption, contributing positively to the overall crypto ecosystem.
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