Ethena Token Sees Notable Price Surge Amid Whale Activity and Stablecoin Stability
Ethena (ENA) token has experienced a remarkable price surge, climbing to $0.4700.This represents a 210% increase from its recent low. The token’s market cap now exceeds $3.2 billion.
The surge comes as the USDe stablecoin,linked to Ethena,has shown resilience. Last week, USDe briefly dipped below $1 but quickly recovered its value.
Ethena Token Surges as Whales Accumulate and USDe Stays stable
Ethena (ENA) token has seen a significant price rise, reaching $0.4700. This marks a 210% increase from its lowest point this month. Its market cap now stands at over $3.2 billion.
The price boost coincides with the stability of the USDe stablecoin. Last week,USDe briefly fell below $1 but quickly recovered. The developers’ data showed it was overcollateralized, reassuring investors. USDe has a total supply of $12.18 billion,backed by $12.25 billion in reserves, including Bitcoin, Ethereum, and other stablecoins.
Ethena’s partnership with Conduit, a platform supporting 55% of Ethereum chains, has also fueled the surge. This collaboration allows developers to use Ethena’s infrastructure for creating stablecoins.
On-chain data reveals that whales have been buying ENA. They now hold 46.6 million tokens, up from 41.6 million on Oct. 1.Notable investors like Arthur Hayes and Kain Warwick have increased thier holdings by 600% in a month.
Exchange balances of ENA have dropped to 4.58 billion from 4.94 billion on Oct. 7. This decline suggests investors are moving tokens to personal wallets, not selling. The daily chart shows a double-top pattern at $0.8538. After crashing below $0.6060,ENA bounced back.
ethena uses an algorithmic approach for price stability,differing from traditional collateral-backed stablecoins. Developed by Ethena labs,it aims for decentralized finance without centralized control.
