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- Ethena (ENA) jumped 13.04% in 24 hours, ranking among the day’s top three crypto gainers.
- Whale holdings surged 30.19% in 90 days, signaling strong accumulation and market confidence.
Ethena (ENA) recorded a 13.04% price surge in the past 24 hours, placing the asset among the top three gainers today, according to CoinMarketCap.
This movement occurred amid a combination of ecosystem development, technical momentum, and significant accumulation from major market players. Under these conditions, investor attention began to focus on this project, which appears to be capitalizing on market momentum quite aggressively.
Rising Whale Holdings and Key Chart Levels Support ENA’s Momentum
The growth of Ethena’s USDe stablecoin has been one of the strongest catalysts. Following the partnership with HyperEVM, $4.3 billion, or approximately 60% of the USDe supply, is locked in the Pendle Finance yield strategy. This mechanism allows users to use USDe to borrow USDC on Aave, opening up the opportunity for higher yields. This surge in adoption has provided a positive boost to market confidence.
Conversely, whale accumulation activity continues to increase. In the past 90 days, ENA holdings by these large investors have increased by 30.19%, including a 0.21% increase in the past week, when the price also rallied 6.6%.
One notable figure is Arthur Hayes, who in July added 4.2 million ENA worth approximately $1.5 million. Currently, approximately 78% of the token supply is held by whales, making selling pressure from retail investors—which actually decreased by 8%—having little impact on the price.
From a technical perspective, ENA reclaimed the 50-day EMA at $0.414 and broke through the $0.64 pivot, now testing the $0.70 resistance. The Relative Strength Index (RSI) indicator is at 69.01, and the MACD indicator supports bullish momentum, while On-Balance Volume (OBV) confirms accumulation.
Ethena Combines Buyback Efforts with Regulatory-Ready Growth
Ethena also announced a $260 million buyback program through StablecoinX that will run until August 2025, potentially withdrawing approximately 8% of the circulating supply from the market.
However, the unlocking of 171.8 million ENA worth $106 million on August 5th increased selling pressure. However, a vesting rule requiring 50% of airdrop tokens to remain locked is expected to maintain supply balance.
Furthermore, the USDe supply has surged to $9.6 billion, a 75% increase in the past 30 days. This stablecoin is backed by BlackRock through BUIDL via USDtb and is connected to Transak and Pendle. Its GENIUS Act compliance puts it in direct competition with other centralized stablecoins.
Two weeks ago, CNF reported that Ethena had signed a major agreement with Anchorage, which is now the official issuer of USDtb. This move ensures the stablecoin is regulatory compliant, transparent, and usable by US financial institutions.
In mid-July, we also highlighted Strata’s joining the Ethena network to develop structured finance products based on sUSDe and real-world assets, offering risk sharing for investors.
Furthermore, in May, Ethena’s crypto savings feature was integrated with the main TON wallet, enabling staking directly from Telegram. Users can earn tsUSDe rewards without intermediaries like bridges or centralized exchanges, with potential returns of up to 18% per year.
