ENA Token Surges 15% as USDe Rises, TON Launch and Major Purchases Drive $2.86B Market Cap

Ethena (ENAUSDT) has experienced a notable 15.23% price increase in the last 24 hours, currently trading at $0.4600 on Binance. This surge is primarily attributed to several key developments: Ethena's USDe becoming the third largest stablecoin by market capitalization, the protocol's recent launch on the TON blockchain, and the ongoing fourth season airdrop event, all of which have driven heightened market interest. Additional momentum was generated by the recent listing of ENA on the South Korean exchange Upbit and a significant $1.5 million ENA token purchase by BitMEX co-founder Arthur Hayes, signaling increased institutional and retail participation.

Market activity remains robust, with Binance recording a 24-hour trading volume of 217.26 million ENA (equivalent to 90.84 million USDT), and the overall market capitalization standing at approximately $2.86 billion based on a circulating supply of 6.4 billion ENA. The asset has shown strong bullish momentum, with a 39.34% price increase over the past week, supported by high trading volumes across major exchanges.