#ETHENA

Trade ENA now . . bullish trend 🦾🦾🦾❤❤❤❤$ENA

𝙀𝙩𝙝𝙚𝙣𝙖 𝙋𝙧𝙞𝙘𝙚 𝙎𝙝𝙤𝙤𝙩𝙨 14% 𝘼𝙝𝙚𝙖𝙙 𝙤𝙛 𝙈𝙖𝙨𝙨𝙞𝙫𝙚 $100𝙈 𝙏𝙤𝙠𝙚𝙣 𝙐𝙣𝙡𝙤𝙘𝙠, 𝙎𝙚𝙡𝙡-𝙊𝙛𝙛 𝘼𝙝𝙚𝙖𝙙?

ENA, the native cryptocurrency of Ethereum-based synthetic dollar protocol Ethena, has surged by 15% in the last 24 hours, as its USDe stablecoin becomes the third-largest in the category after Tether’s USDT, and Circle’s USDC. On-chain data shows a massive 75% surge in USDe supply on Ethereum, over the past month, showing strong demand in the decentralized finance (DeFi) space. Ethena price is once again trading above $0.61 following today’s upside.

Ethena’s USDe stablecoin has seen a sharp rise in adoption, with supply growing 75% over the past month to reach $9.3 billion, according to data from DeFiLlama. The increase has pushed USDe past FDUSD to become the third-largest stablecoin by market capitalization, trailing only Tether (USDT) and USD Coin (USDC).

Over the past month, the USDe market cap has soared by a staggering 75%. Furthermore, the synthetic dollar protocol announced working on a USD-compliant stablecoin following the passing of the GENIUS Act last month.

Furthermore, the Ethena DeFi protocol is seeing a major boost, climbing to the sixth spot with total value locked (TVL) now crossing $9.47 billion. The protocol’s rapid growth is being driven by high yields and recent integrations, attracting a mix of risk-seeking DeFi users and more conservative stakers.

Today’s Ethena price rally, despite $101.87 million in ENA token unlocks this week. Thus, investors should prepare for volatility moving ahead. As per the data from CryptoRank, Ethena has the biggest token unlocks this week, which might introduce some selling pressure.