ENA Surges 160% on Exchange Listings and USDe Growth

Ethena’s native token, ENA, has surged by nearly 160% over the past 30 days, reaching approximately $0.67 as of the latest data from CoinGecko. This dramatic rise has positioned ENA as one of the standout performers in the cryptocurrency market, outpacing many of its peers in terms of growth. The price increase has been attributed to several key factors, including strategic exchange listings, the rapid adoption of the protocol’s synthetic stablecoin, and notable whale activity.

One major catalyst for the price rally appears to be the recent addition of ENA to Upbit, a leading South Korean crypto exchange, which introduced the ENA/KRW, ENA/BTC, and ENA/USDT trading pairs. This move significantly enhanced the token’s liquidity and accessibility, reinforcing its credibility in the market. This follows similar listings on Binance, Kraken, KuCoin, and Bybit, with Coinbase also indicating it is considering a listing once certain conditions are met.

Another contributing factor is the success of USDe, a synthetic stablecoin developed by the Ethena protocol. Unlike traditional stablecoins such as USDT and USDC, USDe maintains its peg to the U.S. dollar through a delta-neutral hedging strategy rather than fiat or asset collateral. Over the past month, the stablecoin’s market capitalization has grown from $5.3 billion to $8.4 billion, signaling strong adoption and confidence in the Ethena ecosystem.

Additionally, whale activity has played a role in the price surge. On July 30, crypto analyst Ali Martinez reported that large investors had accumulated nearly 80 million ENA tokens—valued at around $53 million at current prices—within a week. This accumulation reduces the available supply on the open market, potentially creating upward pressure on the token’s price, especially as demand remains steady.

Despite the strong short-term momentum, some analysts caution that the market could face challenges. Over 140 million ENA tokens are set to be unlocked in the next seven days, which could increase supply and lead to a price correction if demand does not increase in tandem. Analyst McKenna, however, remains optimistic, suggesting that the token could reach early-2025 levels based on its chart performance. Meanwhile, analyst Reetika believes ENA’s trajectory may depend on Ethereum’s movement, particularly if ETH reaches $4,000. She advises traders to stay prepared for potential buy-the-dip opportunities but notes that investing now may not be ideal.

The recent developments highlight both the potential and the risks associated with ENA. While the token has shown impressive growth, the upcoming supply increase and market conditions will be critical in determining its future performance.

Source: [1] 3 Reasons Why the Ethena (ENA) Price Has Soared by 160% in the Past Month (https://coinmarketcap.com/community/articles/688b5a9424d51741715aadcf/)