Arthur Hayes Calls ETHFI, ENA 51x Gainers as Stablecoin Era Kicks Off

Arthur Hayes, co-founder of BitMEX, has drawn attention to two crypto projects—ether.fi (ETHFI) and Ethena (ENA)—highlighting their potential for significant gains driven by stablecoin adoption and on-chain growth. According to Hayes, ETHFI could see its price increase by over 3,000% by 2028, while ENA may rise as much as 51 times from current levels. These projections, however, are tied to the assumption that stablecoins gain broader utility and mass-market acceptance [1].

Hayes’ rationale for ETHFI centers on its Ethereum-based liquid staking protocol and ether.fi Cash, a crypto-native Visa card that enables seamless spending of stablecoins. As of the latest data, ETHFI’s Total Value Locked (TVL) has surged past $12 billion, indicating robust liquidity and institutional interest. Furthermore, the ether.fi Cash product has seen a 600% increase in signups over a short period, suggesting strong user adoption. Hayes argues that if the percentage of ether.fi Cash users expands from 0.07% to 1.00% by 2028, ETHFI could 34x from its current price [1].

For Ethena, the focus is on its synthetic dollar, USDe. The token’s TVL has reached a record $12.76 billion, with USDe’s holder retention rate climbing to 35%, reflecting growing confidence in the asset. Hayes believes that if this trend continues, USDe could challenge USDC’s 25% share of the stablecoin market. ENA’s price could benefit from this dynamic, especially with Ethena Labs recently announcing a partnership with Based to integrate USDe into the Hyperliquid ecosystem. This move, coupled with treasury-backed buying activity, has pushed ENA’s market cap beyond $4 billion [1].

ENA’s price has shown notable technical momentum, breaking out from a diagonal resistance level. It is currently testing a horizontal resistance at $0.76, a key Fibonacci level. Momentum indicators such as the RSI and MACD support a bullish outlook, but wave count analysis suggests caution. If ENA fails to break $0.75, it could initiate a corrective phase. Nevertheless, the token has gained 141% over the past 90 days and is currently valued at $0.17 [1].

Despite the strong fundamentals for both tokens, analysts remain cautious about the magnitude of Hayes’ price predictions. While ETHFI’s market cap of slightly over $500 million appears undervalued relative to its TVL, a 34x return may be overly ambitious. Similarly, ENA’s $5.42 billion market cap suggests it is also undervalued but may not reach a 51x gain by 2028 [1]. Nevertheless, the underlying metrics for both projects point to continued growth, particularly as stablecoins gain more traction in real-world usage.

Ethena’s strategic partnerships and treasury buying strategy are seen as catalysts for further appreciation. The partnership with Based is expected to enhance the utility of sENA tokens, while a $530 million treasury purchase plan—adjusting based on price thresholds—adds to market confidence. However, the token’s path forward depends on its ability to break through key resistance levels and maintain momentum in a volatile market environment [2].

Source:

[1] Arthur Hayes: ETHFI, ENA Tipped To Explode 3000% in Stablecoin Supercycle (https://www.ccn.com/analysis/crypto/arthur-hayes-ethfi-ena-prediction-explode-stablecoin-supercycle/)

[2] Ethena + Hyperliquid Partnership - Which Will Reach New Highs in 2024? (https://www.ccn.com/analysis/crypto/ethena-hyperliquid-ecosystem-partnership/)

[3] Ethena Price Chart & Market Cap (https://coincodex.com/crypto/ethena/)