Ethena Surges to Two-Week High as StablecoinX accumulates ENA Tokens
Ethena’s price has reached its peak in over two weeks, fueled by an impressive rise in its Total Value Locked (TVL) and revenue. The token hit $0.7660, marking a surge of 230% from its low earlier this year.
A major factor behind this rally is the growing adoption of the synthetic stablecoin USDe, held by nearly 800,000 users.Ethena’s TVL has skyrocketed to $12.85 billion,a critically important leap from the year-to-date low of $5.5 billion. This growth, coupled with a 7% annual return, surpasses government bonds yielding 4%.
Consequently, Ethena has generated substantial fees and revenue. In the third quarter alone, it has collected $109 million in fees, a massive increase from just $27 million the previous year.
StablecoinX is further bolstering ENA’s value through strategic accumulation. The firm plans to raise $530 million, with a total of $895 million already secured, aiming to add over 3 billion ENA tokens to its reserves.
- Whales increased their ENA holdings by 32%.
- The token’s market cap surpassed $5.8 billion.
- Fully diluted valuation reached $11.1 billion.
Technical analysis signals a potential surge.A double bottom pattern at $0.2490 and a neckline at $0.4570 indicate bullish trends. With a golden cross confirmed, early signs suggest the price could reach $1.3255, an 80% jump from the current level.
