While most cryptocurrencies are struggling to grow in today’s pessimistic market, Ethena’s native token, ENA, is rocketing, fueled by promising on-chain data. In just a few hours, ENA’s price on spot exchanges surged from $0.41 to $0.47, outperforming all top 100 cryptocurrencies.
Ethena (ENA), the core native cryptocurrency of an innovative on-chain stablecoin protocol, showcased impressive gains amid a modest market uplift. While the overall market benchmark rose by only 1.77%, ENA’s price increased nearly 9% within 24 hours. Early this morning, ENA peaked at $0.47, pushing its market capitalization to approximately $3.35 billion. This surge places ENA as the 32nd largest cryptocurrency by market cap.
One driving factor behind ENA’s rally is the significant $25 million purchase made by Ethena’s founder, Guy Young, on the open market—a move warmly received by crypto enthusiasts. Additionally, Andrew Kang, renowned cryptocurrency entrepreneur and investor, as well as co-founder of top venture capital firm Mechanism Capital, still holds a long position in ENA. These combined factors have been interpreted by the market as strong bullish signals, further supporting ENA’s price momentum.
### Ethena’s USDe Stablecoin Cementing Its Position
Ethena is also gaining attention for its stablecoin, USDe, establishing itself as the third-largest stablecoin in the crypto ecosystem. Alongside notable protocols such as Hyperliquid, Polymarket, and EigenLayer, Ethena is among the most talked-about projects in this crypto cycle.
USDe not only serves as Ethena’s native stablecoin but also offers “white label” infrastructure that enables third-party platforms to develop their own stablecoins efficiently. Currently, USDe’s capitalization exceeds $12 billion, placing it just behind the USDT/USDC duopoly. By comparison, its closest competitor, DAI, holds a market cap of around $5 billion.
Overall, Ethena’s strong market performance, strategic backing, and robust stablecoin infrastructure highlight why ENA and USDe are becoming key players in the evolving crypto landscape.
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