StablecoinX SPAC Listing Raise $360M, ENA Surge 130%
StablecoinX don complete $360 million SPAC merger with TLGY Acquisition Corp and dem go list for Nasdaq under the ticker USDE. As pure crypto treasury company, StablecoinX go use $260 million cash to buy $5 million ENA tokens every day for six weeks, to try secure about 8% of the total supply. The project get support from $60 million ENA commitment from Ethena Foundation plus investments from Pantera Capital, Dragonfly, Galaxy and Polychain.
After the SPAC announcement, ENA rise over 130%, break resistance at $0.42 and $0.55, reach intraday high of $0.6056. Analysts set technical targets at $0.91 and $1.52, but if e no fit hold $0.55, e fit drop back to $0.20. With 6.35 billion ENA circulating, market cap of $3.38 billion, $6.36 billion TVL and $1.5 billion daily volume, the Nasdaq listing and strong fundamentals show say ENA get good momentum for short and long term.
Bullish
Di SPAC merger and di $360 million capital wey dem raise for StablecoinX don set strong financial foundation and clear plan to gather big portion of ENA tokens. This institutional backing and well structured treasury plan don make market dey excited quick quick, e fit show as price jump 130%. For short term, technical breakout pass main resistance level around $0.55 dey support more upside go $0.91 and $1.52. For long term, di Nasdaq listing and stablecoin focused treasury model dey increase investor confidence and liquidity for ENA, e dey support steady bullish momentum. But traders suppose dey monitor di $0.55 support level well well because if dem break am, e fit cause profit taking or pullback.