#ENA ENA coin, also known as Ethena, is a cryptocurrency that powers a synthetic dollar protocol built on Ethereum. It provides a crypto-native solution for money that's not reliant on traditional banking system infrastructure. Here are some key details about ENA:
- *Current Price*: $0.355457-$0.36 USD
- *Market Capitalization*: $2.54 billion-$2.57 billion USD
- *24-hour Trading Volume*: $266.62 million-$272.48 million USD
- *Circulating Supply*: 7.15 billion-7.2 billion ENA tokens
- *Total Supply*: 15 billion ENA tokens
*Key Features:*
- *Synthetic Dollar Protocol*: Ethena's protocol allows for the creation of a synthetic dollar, providing a stable store of value in the crypto market.
- *Governance Token*: ENA token holders can participate in governance decisions, such as electing members to the Risk Committee.
- *Total Value Locked (TVL)*: Ethena's protocol has a TVL of around $9.4 billion, indicating significant user engagement and confidence in the platform ¹ ² ³.
*Potential Use Cases:*
- *Decentralized Finance (DeFi)*: Ethena's synthetic dollar protocol can be used as a stablecoin in DeFi applications, providing a reliable store of value and medium of exchange.
- *Globally Accessible Dollar-Denominated Savings*: Ethena's protocol offers a dollar-denominated savings instrument, allowing users to earn interest on their holdings.
*Market Outlook:*
- *Resistance Levels*: ENA's price is currently facing resistance at $0.49, with a potential breakout above this level signaling a bullish reversal.
- *Support Levels*: Key support levels for ENA are at $0.38 and $0.45, with a drop below these levels potentially leading to further price declines
$ENA