Why is ENA rising sharply? Driven by the narrative of RWA and institutional cash flow"
ENA (Ethena) is experiencing impressive growth in May 2025, surpassing $1.20 with explosive trading volume. So what is behind this price increase?
First of all, ENA is the token of the Ethena Protocol – a platform for issuing the decentralized stablecoin USDe, supporting trading and risk hedging for investors. In the context of the RWA (real-world assets) narrative and the rise of decentralized stablecoins, Ethena has become the new focal point for ‘smart money’ cash flow.
In addition, the public support from several large investment funds such as a16z, Binance Labs… further strengthens the confidence of retail investors. ENA is also listed on many major exchanges, increasing liquidity and coverage.
The current price increase is not merely FOMO – but is based on real applications and long-term positioning.
