ENA Token Surges 7.25% as Buybacks, Strategic Partnerships, and $540M Investments Drive Momentum

Ethena (ENAUSDT) has experienced a 7.25% price increase in the last 24 hours, rising from 0.7707 to 0.8266. This upward movement is primarily attributed to several key developments: Ethena Labs' ongoing buyback program, StablecoinX's daily accumulation and burning of ENA tokens, and the recent Binance listing of Ethena's synthetic dollar, USDe, which has increased market visibility and trading activity. Additional factors include a strategic partnership with Based to expand into the Hyperliquid ecosystem and significant investment inflows, such as StablecoinX raising $530 million and ArkStream Capital's $10 million investment. Despite notable whale sell-offs of 140 million ENA, the overall market sentiment remains positive, supported by tightening supply and robust trading volume exceeding $1.3 billion. ENA currently trades at 0.8266 with a market cap above $5.7 billion and ranks among the top 30 cryptocurrencies.