$ENA Surges 10% as USDe Supply Jumps 75% – Whales Eye Breakout Above $0.68
Main Idea
Ethena's $ENA token surged 10% as USDe's market cap increased by 75%, with whales and institutional interest driving demand, and analysts projecting further growth potential.
Key Points
1. Ethena's $ENA token rose 10% in 24 hours, trading at $0.6196, with USDe's market cap surging 75% to $9.29 billion, making it the third-largest stablecoin.
2. $ENA rallied 140%-155% in July, with weekly trading volume reaching $1.41 billion and open interest increasing, fueled by institutional interest and whale accumulation.
3. Arthur Hayes invested $1.06 million in $ENA, and large holders accumulated 79.25 million ENA in a week, boosting confidence in the token.
4. Analysts project $ENA could reach $1.00-$1.50 by year-end, driven by USDe adoption, regulatory clarity, and strong investor confidence.
5. $ENA is testing the $0.68 resistance level again after an 18% price jump, with reduced leverage and liquidation risks compared to previous attempts.
Description
Ethena ($ENA) has been grabbing attention for over a month, as it jumped about 10% in the last 24 hours to currently trade at $0.6196 . With USDe’s market cap rising and new regulated products launching, Ethena’s synthetic dollar project is gaining momentum. Traders are now asking important questions as they watch whether $ENA can challenge its next resistance level. Source: Coingecko $ENA’s 140% July Rally: Whales & Institutions Driving Demand Ethena is a crypto-native synthetic dollar protocol...
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