#EthenaProtocol
Why ENA Token Is Trending
1. Whale & Institutional Activity
Large-scale accumulation by whales has increased volatility and volume
StablecoinX announced a $360M fund to buy ENA, boosting institutional confidence
2. Synthetic Dollar Mechanism (USDe)
ENA is the governance token of Ethena, which powers USDe— a synthetic dollar offering up to 10% APY
This model has already generated $431M+ in cumulative revenue
3. Activation of Protocol Fee Sharing
ENA holders can now earn a share of the protocol's fees, fueling community engagement
4. Bullish Technical Indicators
MACD, RSI, and chart patterns like “double bottom” and “falling wedge” signal a potential rebound
Key support at $0.55, resistance at $0.70–$0.80
5. Token Unlock Risk
Over $686M in tokens are unlocking across July and August, creating short-term selling pressure
Despite this, strong trading activity suggests robust market absorption
📊 Relevant On-Chain Metrics
Ethena’s TVL exceeds $260M, with 40% weekly growth
A 56% surge in new wallet addresses, plus over $1.2B daily volume
#ENAUSDT🚨
#TrendingTokens
#CryptoDebate
#GovernanceToken
Do you believe Ethena’s yield model with ENA and USDe is sustainable in the long term, or are we witnessing a new DeFi experiment with an expiration date? 🤔
