ENA price turns bullish as Ethena’s stablecoin supply surpasses $9B milestone
Main Idea
ENA token's price shows bullish momentum as Ethena’s stablecoin USDe surpasses $9 billion in market cap, becoming the third-largest stablecoin and driving growth in the Ethena ecosystem.
Key Points
1. USDe's market cap exceeds $9 billion, marking a 75% increase over the past month, and it has overtaken SUSDS to become the third-largest stablecoin.
2. ENA token gained 17% in the last 24 hours amid renewed investor interest, reflecting bullish momentum.
3. Ethena’s ecosystem is now the sixth-largest DeFi protocol by total value locked (TVL), with $9.47 billion, indicating growing confidence in its offerings.
4. USDe's growth highlights a shift in user preference towards yield-bearing stablecoins beyond just price stability.
5. An upcoming $103 million token unlock on August 5 may pose bearish signals for ENA, despite its current positive momentum.
Description
Digital currencies perform well on Monday after extending weekend recoveries. Meanwhile, ENA’s 17% rebound has attracted attention as it coincides with Ethena’s stablecoin market cap hitting all-time highs. DeFillama data shows that the synthetic stablecoin USDe has attained a record high in circulating supply, hitting $9.284 billion today. Source – DeFillama That follows a remarkable +75% increase over the previous months. USDe has surpassed Sky Dollar’s SUSDS to claim the 3rd place among stabl...
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