Ethena price forecast for August amid the rising TVL and USD inflows
Main Idea
ENA token surged 135% in July due to whale activity, Upbit listing, and a $260M buyback fund, with TVL growing 50% to $8.679B, but faces potential correction risks in August.
Key Points
1. ENA surged 135% in July, driven by whale accumulation of 79M tokens and listing on Upbit, South Korea's largest crypto exchange.
2. TVL grew 50% to $8.679B in July, with platform fees doubling from $19.96M to $36M, supported by USDe adoption and regulatory progress.
3. A $360M fund was announced, with $260M allocated for ENA buybacks, boosting investor confidence.
4. ENA holds above $0.60 support, with RSI near 65 indicating bullish momentum but potential for correction if it falls below $0.60.
5. USDe's unique non-fiat-backed model and partnership with Anchorage Digital for regulatory compliance under the US GENIUS Act strengthened fundamentals.
Description
Ethena has emerged as one of the standout performers in the DeFi space this July, surprising the market with its explosive growth. Its native token, ENA, surged over 135% within the month, while the platform’s total value locked (TVL) jumped by an over 50%, crossing the $8.679 billion mark. With bullish momentum building, investors are now asking whether ENA can sustain its uptrend through August, or if this rally is merely a temporary spike. ENA surged on whale activity and exchange listings Et...
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