Key Insights:
The ENA price jumped 22% in one day, supported by rising trading volume and broader market interest.
StablecoinX is executing a $5 million daily buy plan, targeting 8% of ENA’s circulating supply.
Ethena’s TVL crossed $7.19 billion, reinforcing its status among top Ethereum-based stablecoin platforms.
Ethena’s native token ENA rose 22% in the past 24 hours, trading around $0.5847. This marks a 45% gain for the week and a 118% increase over the past month. The strong upward movement positions ENA as one of the top-performing tokens by daily percentage gain.
The rise in ENA’s price coincides with renewed interest from whales. Blockchain tracking data from Lookonchain revealed that former BitMEX CEO Arthur Hayes acquired 2.16 million ENA on various exchanges earlier in the day. His total holdings now exceed 7.76 million tokens, currently valued at $3.73 million.
Institutional support drives further growth
In addition to whale activity, institutional demand is accelerating. Nasdaq-listed StablecoinX has begun purchasing $5 million worth of ENA per day as part of a six-week acquisition strategy. This plan will absorb nearly 8% of ENA’s circulating supply, according to Ethena Labs. The purchases are funded from a $360 million capital raise, with $260 million allocated specifically for this initiative.
Source: TradingView
Ethena’s total value locked (TVL) has surpassed $7.19 billion, based on data from DeFi Llama. This position Ethena among the leading Ethereum-based stablecoin protocols. Increased TVL is typically viewed as a signal of growing confidence in a protocol’s utility and adoption.
Broader sentiment improves
Daily trading volume for ENA has increased by 58%, according to CoinGecko. The boost in activity reflects stronger interest across the market. New partnerships and exchange listings are also contributing to the momentum, helping to reinforce a positive outlook for the token.
Despite being 53% below its all-time high of $1.24, ENA’s recent performance suggests renewed confidence among investors. With consistent daily institutional inflows and growing whale interest, the token continues to attract attention in both retail and professional markets.
