Arthur Hayes’s $10 Ethena Prediction Flops? ENA Plummets to $0.32

In recent days, the overall cryptocurrency landscape has faced massive selling pressure as a result top assets see a notable decline in their value. Amid this downturn, Ethena (ENA) an Ether-based token looks in trouble as it plummeted over 30% price decline in the last 7 days. With this massive decline, ENA hits its lowest mark.

Source: Coinmarketcap

Arthur Hayes’s ENA prediction

Following its launch on Binance, BitMEX ex-CEO and co-founder Arthur Hayes predicted that ENA would hit $10, but looking at its current performance it appears to flop as it made a new low of $0.32 level.

However, following his prediction post on X (previously Twitter) ENA soared and made a high of $1.523. Since then it has continued to fall and experienced an 80% price drop as of now.

Ethena price-performance analysis

At press time, ENA is trading near $0.32 and has experienced a 12% price decline in the last 24 hours. Whereas, if we look at the performance of ENA over a longer period, in the last 30 days it has seen the same 30% price decline.

Meanwhile, ENA’s trading volume increased by 13% signaling a higher level of participation from investors and traders.

However, this participation might come from the ENA sell-off as it made a new low. Apart from trading volume, its open interest (OI) also plummeted by 11% in the last 4 hours, which indicates interest from the crypto community.

Arthur Hayes’s past WIF prediction

Ethena was not only the prediction that Hayes had made, earlier he set a $10 target for the world’s fourth biggest meme coin dogwifhat (WIF).

However, due to this ongoing selling pressure, WIF also sees a massive decline. As of now, WIF tops the list in terms of price drop as it experienced over 15% price decline in the last 24 hours.