The founder of cryptocurrency derivatives treading platform BitMEX, Arthur Hayes, has recently made a bold price prediction on an Ethereum-based cryptocurrency that recently saw listings on major cryptocurrency exchange including Binance.

In a post shared on the microblogging platform X (formerly known as Twitter), Hayes suggested that the price of Ethena Labs’ governance token Ethena ($ENA) could soar by more than 800% to a high above the $10 mark.

This optimistic forecast comes as ENA experiences a significant price increase, currently trading at $1.10, up more than 90% over the past week. Hayes is not alone in his support for the project, as Ethena Labs, the company behind ENA, boasts a list of prominent investors including financial services giant Franklin Templeton, digital asset manager Galaxy Digital, and Binance Labs, the venture arm of the world’s leading cryptocurrency exchange.

Hayes expressed his confidence on the microblogging platform after congratulating the entity behind the project on its successful Token Generation Event (TGE).

The Ethena Labs project encompasses both the ENA governance token and the yield-earning “synthetic dollar” token USDe. Their stated goal is to develop a stable and scalable form of digital currency that functions independently of traditional banking systems.

ENA has garnered significant industry interest, securing listings on several cryptocurrency exchanges. Prior to its official listing, ENA became the 50th project added to Binance’s Launchpool platform, where users can stake their BNB holdings to earn newly launched assets, as Daily Hodl first reported.

It is important to note that Hayes’ prediction is just that – a prediction. The future performance of ENA, along with the broader DeFi space, remains uncertain, as does the future direction of cryptocurrency prices.

Featured image via Pixabay.