An Ethereum-based decentralized finance (DeFi) token has caught the attention of a prominent crypto trader, who believes it is a smart investment given recent developments in the Ethereum ecosystem. The trader, known as the Flow Horse, shared his thoughts with his large following on the social media platform X, expressing optimism about the potential of Ethena (ENA), the governance token of the Ethena Labs project. The project aims to create a stable and scalable form of cryptocurrency that does not rely on traditional banking systems, and includes the USDe token, which allows users to earn yield. Currently, ENA is trading at $0.848, with a 15% increase in value over the past week, making it the 83rd-ranked crypto asset by market cap. While the Flow Horse plans to primarily focus on Ethereum, he also notes the potential for leveraged ETH, given the recent developments and the catching up that needs to be done. In other news, the SEC has approved Ethereum ETF filings from several major firms, although the approval of their registration filings is still pending. As of now, ETH is trading at $3,738, with a 24% increase in value over the past seven days. Investors should exercise caution and conduct thorough research before engaging in high-risk investments in cryptocurrencies or digital assets.
