Ethena Price Rockets 20%, Can ENA Hit $1 Amid StablecoinX’s Buyback?
Main Idea
Ethena (ENA) price surged nearly 21% in a day and over 50% in a week, driven by StablecoinX's $260 million buyback program and increased on-chain activity.
Key Points
1. StablecoinX initiated a $260 million ENA purchase program, including $5 million in USDe, boosting ENA's price.
2. 24-hour active addresses for ENA reached a record high of 3,438, coinciding with the launch of sENA's Season 3 rewards offering 40x yield incentives.
3. ENA's price broke the $0.54 resistance level, now acting as support, with potential to reach $0.85–$1.00 if the trend continues.
4. Daily trading volume surged 102% to $2.17 billion, indicating strong institutional involvement.
5. The RSI at 75.96 suggests ENA is overbought, but high trading volume supports the bullish momentum.
Description
The post Ethena Price Rockets 20%, Can ENA Hit $1 Amid StablecoinX’s Buyback? appeared first on Coinpedia Fintech News Ethena price has zoomed nearly 21% in a single day and over 50% across the past week. This bullish trend comes in the wake of StablecoinX initiating a massive $260 million ENA purchase program, buying $5 million worth of tokens daily. At the same time, Ethena has drawn institutional attention with its regulatory-compliant stablecoin, USDe, whose supply has now exceeded $7 billio...
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