--- title: What's Driving Token Prices? November 13, 2024 description: Join Arca's Director of Research, Katie Talati, to learn about what is driving token prices in the digital asset ecosystem. image: https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg --- [![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** [![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** Search **Menu** ** ** [![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ![](https://www.ar.ca/hubfs/Whats-Driving-Token-Prices-Header.jpg) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) | # What's Driving Token Prices? November 13, 2024 [![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati) Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati) Nov 13, 2024 **Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.** Watch Our Founders Video - **BNB (+4.4%)**- On Monday, FTX filed a $1.7B lawsuit against the Binance cryptocurrency exchange and its founder Changpeng Zhao. The lawsuit is one of many that the FTX estate has filed in an attempt to claw back assets for creditors. At the end of 2019, Binance invested in FTX with its native BNB tokens and invested again in 2020. In mid-2021, the two parties agreed to a share repurchase as they increasingly became direct competitors. The lawsuit alleges that the $1.76B that FTX paid to Binance was fraudulent as FTX/Alameda was already insolvent and took assets from depositors to complete the transaction. Binance has so far called the lawsuit “meritless”.  - **BLUR (+9.5%) **- On Monday, a proposal was released to enable a fee switch on the NFT trading platform Blur. Blur, which launched in 2022, is the leading NFT marketplace by volume. Unfortunately, as NFT trading volumes have trended down -77% over the past year, so has Blur’s revenue which went from $144M annualized in early 2023 to only $4M annualized as of today. The proposal suggests instituting a vote-escrow or “ve” model on BLUR. The ve model essentially forces users to lock up their tokens to participate in governance. The longer someone chooses to lock their tokens for (4 years maximum), the more voting weight that individual has. Those who choose to lock their tokens earn 100% of the trading fees generated by Blur, allocated to locked BLUR with heavier weights assigned to those with longer lock-up periods. Although this fee switch is a positive for the BLUR token, the current fees generated don’t really provide enough incentives for users to lock their tokens to earn those fees. - **NEAR (+22%) **- Layer-1 protocol Near held its annual conference, “Redacted”, over the weekend, culminating with the announcement that Near plans to build the largest open-source AI model with 1.4 trillion parameters. If achieved, this model would be 3.5 times bigger than Meta’s Open Llama model and involve crowdsource research— Near plans to fund this ambitious project via a series of token sales to raise $160M. The NEAR token has been up 9% since the announcement and up 22% for the week. - **ENA (32%) **- Last week, market-making firm Wintermute published a proposal to turn on the fee switch for Ethena’s ENA token. Launched earlier this year, Ethena is the creator of the pseudo-decentralized USDe stablecoin backed by staked Ethereum and short Ethereum futures positions. Since launch, USDe has grown to just over 3B and has netted** **$131M in revenue. The proposal recommends allocating some portion of this revenue towards ENA stakers but does not provide a specific amount. So far, the Ethena Foundation has agreed to discuss this fee switch and the community has been very supportive of such a change.  *DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."* ### Subscribe For the Latest Blockchain News & Analysis     Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional. Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services. Previous Story [← Arca and BlockTower Intend to Merge, Unlocking Synergies and Growth Opportunities](https://www.ar.ca/blog/arca-and-blocktower-intend-to-merge-unlocking-synergies-and-growth-opportunities) [** ](https://www.ar.ca/blog) Next Story [“That’s Our Two Satoshis” - The Rally Continues… and Perplexes →](https://www.ar.ca/blog/the-rally-continues-and-perplexes) ## You May Also Like These Stories on Investing Themes [![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) ### [What's Driving Token Prices? July 1, 2026](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026) Jul 1, 2026 | 1 min read [![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-june-24-2026) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) ### [What's Driving Token Prices? June 24, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-24-2026) Jun 24, 2026 | 1 min read [![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) ### [What's Driving Token Prices? June 10, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026) Jun 11, 2026 | 1 min read ### Arca Los Angeles I New York (424) 400-7444 info@ar.ca [![LinkedIn](https://www.ar.ca/hubfs/LinkedIn.png "LinkedIn")](https://www.linkedin.com/company/arcafinance/mycompany/) [![Twitter](https://www.ar.ca/hubfs/Twitter.png "Twitter")](https://twitter.com/arca) [![Youtube](https://www.ar.ca/hubfs/Youtube.png "Youtube")](https://www.youtube.com/c/Arcafinance) ### Contact Us Copyright © 2025 Arca Holdings. All Rights Reserved.  |  [Important Disclosures](https://www.ar.ca/important-disclosures) ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "contentUrl" : "https://youtu.be/hHdcrzD7_0w", "description" : "Meet the founders of Arca and learn about what inspired them to join the digital asset ecosystem. Rayne Steinberg – Co-Founder & Chief Executive Officer Jeff Dorman – Co-Founder & Chief Investment Officer Phil Liu – Co-Founder & Chief Legal Officer.", "duration" : "PT4M13S", "embedUrl" : "https://www.youtube.com/embed/hHdcrzD7_0w", "name" : "Meet the Founders of Arca", "thumbnailUrl" : "https://i.ytimg.com/vi/hHdcrzD7_0w/default.jpg", "uploadDate" : "2022-02-15T15:49:56Z" } ``` ```json { "@context" : "https://schema.org", "@type" : "SiteNavigationElement", "Name" : [ "HOME", "Hedge-Funds", "Bitcoin-Fund", "Blog", "About", "Team", "Careers", "Data Room", "Get in Touch" ], "Url" : [ "https://www.ar.ca/", "https://www.ar.ca/arca-hedge-funds", "https://www.ar.ca/ai-bitcoin-fund", "https://www.ar.ca/blog", "https://www.ar.ca/about", "https://www.ar.ca/arca-team", "https://www.ar.ca/careers", "https://arcafunds.hvstprivate.com/", "https://www.ar.ca/contact?hsCtaTracking=28ac2c2f-186c-436f-9682-1169cf946ad3%7C63e370f0-aacd-4463-8bce-3616a7b4b7f3" ] } ``` ```json { "@context" : "https://schema.org/", "@type" : "WebSite", "name" : "Ar", "potentialAction" : { "@type" : "SearchAction", "query-input" : "required name=search_term_string", "target" : "https://www.ar.ca/search?q={search_term_string}" }, "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "https://schema.org/", "@type" : "WebPage", "name" : "Ar", "speakable" : { "@type" : "SpeakableSpecification", "xpath" : [ "/html/head/title", "/html/head/meta[@name='description']/@content" ] }, "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "https://schema.org", "@type" : "Organization", "alternateName" : "Ar", "logo" : "https://www.ar.ca/Logo.png", "name" : "Ar", "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "https://schema.org", "@id" : "", "@type" : "LocalBusiness", "address" : { "@type" : "PostalAddress", "addressCountry" : "US", "addressLocality" : "New York", "addressRegion" : "CA", "postalCode" : "90066", "streetAddress" : "Los Angeles" }, "geo" : { "@type" : "GeoCoordinates", "latitude" : 33.9697897, "longitude" : -118.2468148 }, "image" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png", "name" : "Arca", "openingHoursSpecification" : { "@type" : "OpeningHoursSpecification", "closes" : "23:59", "dayOfWeek" : [ "Monday", "Tuesday", "Wednesday", "Thursday", "Friday", "Saturday", "Sunday" ], "opens" : "00:00" }, "priceRange" : "$", "sameAs" : [ "https://twitter.com/arca", "https://www.linkedin.com/company/arcafinance" ], "telephone" : "(424) 400 7444", "url" : "https://www.ar.ca/" } ``` ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "description" : "Rebecca Rettig, General Counsel of Aave Marc Boiron, General Counsel of dYdX Colleen Sullivan, Co-founder and CEO of CMT Digital Marvin Ammori, CLO at Uniswap Phil Liu, Co-founder and CLO of Arca", "duration" : "PT50M59S", "embedUrl" : "https://www.youtube.com/embed/hTc-kWa9hM8", "interactionCount" : "121", "name" : "Regulation: Clarity on the Horizon", "thumbnailUrl" : "https://i.ytimg.com/vi/hTc-kWa9hM8/default.jpg", "uploadDate" : "2021-05-26T13:29:46Z" } ``` ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "description" : "Andrew Peel, Head of Digital Asset Markets at Morgan Stanley Jennifer Murphy, COO of Western Asset Management Tom Jessop, President of Fidelity Digital Assets Tim Davis, Principal of Deloitte Subhanker Sinha, Head of Blockchain, Digital at BNY Mellon", "duration" : "PT47M54S", "embedUrl" : "https://www.youtube.com/embed/Wx1LEII47iM", "interactionCount" : "242", "name" : "The Current Institutional Adoption Wave", "thumbnailUrl" : "https://i.ytimg.com/vi/Wx1LEII47iM/default.jpg", "uploadDate" : "2021-05-26T15:15:41Z" } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Organization", "name" : "Ar" }, "dateModified" : "2021-07-12", "datePublished" : "2021-06-28", "description" : "Blockchain commentary and analysis written for sophisticated investors - by professional investors", "headline" : "We Should Appreciate Bitcoin More, but it’s Not Defensive", "image" : "https://f.hubspotusercontent00.net/hub/4536350/hubfs/Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png?width=380&name=Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png", "mainEntityOfPage" : { "@id" : "https://www.ar.ca/blog", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png" }, "name" : "Market Recap" } } ```