$ENA Ethena (ENA) is a token of a decentralized financial platform built on the Ethereum blockchain, which offers a synthetic dollar USDe, an alternative to traditional stablecoins. ENA plays a key role in the system, providing governance, voting on proposals, and staking rewards. According to CoinGecko, in July 2025, the price of ENA increased by 80%, reaching $0.62, with a market capitalization of $3.84 billion. However, the unlocking of 171 million tokens on August 5 may cause short-term pressure on the price. Technical indicators such as RSI at 62.88 indicate a possible correction, but the long-term outlook remains bullish due to the growth of USDe to $9.5 billion. ENA is traded on exchanges such as Binance and Coinbase, with a trading volume of $4.4 billion in 24 hours. Investors are monitoring volatility and news regarding the integration of USDe into DeFi protocols.