Highlights:
- Ethena leads today’s gainers, up 30%, most likely on news of the recent governance proposals, which are gaining attention.
- Raydium records a 170% monthly uptick, solidifying its position with its innovative AMM technology on Solana.
- LDO rises by 20%, corresponding with increased whale activity indicating potential volatility in the future.
The crypto market continues to show a healthy trend, with a 1% rise in the past 24 hours. The current growth has maintained the global market cap above $2.50 trillion. In addition, the trading volume is up by 4% at $157 billion. Currently, Bitcoin now accounts for 58% of the market, while the Fear & Greed Index stands at 62, signalling greed.
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The bullish sentiment continues to dominate following the broad market rally influenced by Donald Trump’s victory in the U.S. presidential elections. Let’s examine the best crypto gainers today, November 7, including Ethena (ENA), Raydium (RAY), and Lido DAO (LDO).
Best Crypto Gainers Today
1. Ethena (ENA)
ENA has displayed an impressive journey today, surging by 31% in the past 24 hours to claim the best crypto gainer of the day. Ethena is trading at $0.5309, up by 54% and 94% on the weekly and monthly charts, respectively. The bullish sentiment has elevated the market cap above the $1.5 billion mark while the trading volume displays a robust trading interest, surging by 86% at $474 million.
Most recently, Wintermute launched a governance proposal for Ethena, proposing that fee switch would begin for ENA holders. This gap covered sENA holders to the success of Ethena as an initiative. USDe, the U.S. dollar-pegged stablecoin of Ethena, has a market cap exceeding $2.8 billion. However, sENA holders have not enjoyed this growth directly, which poses a question.
Wintermute just proposed to turn fee-switch on for Ethena's sENA to align ENA holders with the protocol's growth.
They claim that Ethena generates significant revenue, showing PMF for USDe but sENA holders don't benefit from it.$ENA is up by 36% today. pic.twitter.com/7LPg4ij1RR
— Ignas | DeFi (@DefiIgnas) November 6, 2024
However, the proposal didn’t specify the mechanics of the fee switch or the revenue share. Instead, it called for Ethena’s risk committee to establish the relevant parameters for activating the fee switch. This would consist of USDe circulating supply and levels of protocol revenue. Wintermute also encouraged the Ethena Foundation to be transparent over the allocation of revenues, continuing to benefit the protocol under ENA & sENA governance.
2. Raydium (RAY)
Recently, Raydium has been on a steady uptrend, surging by 170% over the past month. Today, RAY tops the 2nd position on the top gainers list to trade at $4.94. The bullish sentiment is also cemented by an impressive ride on the weekly chart, surging by 55%. The market capitalization has climbed to $1.30 billion while the trading volume hits $254 million.
Since its 2021 debut, Raydium has emerged as the leading DEX on Solana, pioneering AMM technology compatible with integrated order books. Its strategy has thrived particularly during Solana’s 2024 resurgence, highlighting its role at the core of a robust DeFi and memecoin ecosystem. Strategic partnerships, such as with Pump.fun, channel memecoin liquidity into Raydium, enhancing a cycle that boosts trader numbers and liquidity.
Raydium has cemented itself as Solana's premier DEX since its 2021 launch.
It was the first AMM on Solana, integrating orderbook-compatible hybrid AMM tech that set it apart in DeFi.
Solana's 2024 resurgence positioned it as the hottest Layer 1, with… pic.twitter.com/ugc6eWH9cZ
— Defi Insights (@InsightsDefi) November 7, 2024
Raydium controls 60.7% of Solana’s DEX market share, driven by diverse liquidity pools and minimal slippage. Its integration with Jupiter, Solana’s trade aggregator, supports nearly half of the aggregator’s maker volume. Raydium’s significant trading volume and buyback program underscore its resilience and pivotal role in Solana’s DeFi infrastructure, ready to adapt and lead as the network evolves.
3. Lido DAO (LDO)
Lido DAO has surged 20% over the past 24 hours to trade at $1.38. After consolidating around the $1 mark over the past month, LDO has continued upward as the bulls hold their ground tight. The market cap and trading volume are $1.23 billion and $299 million, respectively.
Lido DAO has recently experienced a significant rally, backed by a surge in whale activities and general market optimism. IntoTheBlock onchain data shows whale net inflows spiked yesterday, escalating from 645,000 LDO to 69.26 million LDO, marking the highest accumulation since May 2023.
Lido DAO emerges as top gainer on the back of whale accumulation Lido DAO is seeing an impressive upward momentum amid increased whale inflows https://t.co/X0WGxlZHHR pic.twitter.com/GWRzCXiUmR
— Coin Alert Daily (@CoinAlertDaily) November 7, 2024
Due to this whale-driven demand, LDO has had its price skyrocket, with over 60% of the token’s supply now held by large addresses. This could raise concentration levels and, consequentially, the potential for price volatility, as other investors could be scared of missing out (FOMO).
Final Thoughts
There have been major movements in the crypto market, with ENA, RAY, and LDO being today’s best crypto gainers. Each showed great growth due to unique catalysts that increased investor interest. We should keep an eye on these cryptocurrencies as their developments could propel their positions.
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