🌀 Ethena’s Surge — ENA Token Hits $0.62 on Strong Demand Surge

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✅ As of today, $ENA is trading around $0.62, following a 13% rally in 24 hours, peaking near $0.628 with trading volume up ~28% to $1.14 billion USD .

📈 Markets are signaling renewed buying interest:

Open interest has climbed ~17% to $1.14B, futures volume soared (~46%), and Binance long/short ratio sits near 2.0, reflecting strong bullish sentiment .

Spot netflow has turned negative, indicating coins are leaving exchanges—often a sign of accumulation .

🎯 Technical levels to watch:

Support zone: $0.51–$0.55

Upside resistance targets: $0.68 then $0.70 if momentum continues .

⚠️ Upcoming Challenge: On August 6, ~171.85 million ENA tokens (~2.7% of market cap) unlock — worth ~$103 million at current prices, which may trigger sell pressure. But sentiment appears resilient so far .

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🧠 Context & Use Case

**$ENA** is the native governance token of Ethena, the Ethereum-based synthetic dollar protocol behind USDe.

USDe recently became the third-largest stablecoin, surpassing FDUSD, with supply soaring ~75% in the past month to about $9.3B .

TVL has exceeded $9.5B, positioning the protocol among the top DeFi platforms in terms of locked assets .

Arthur Hayes, co-founder of BitMEX, recently bought 2.16M ENA (~$1.06M) as part of an Anchorage partnership move, driving an 8% price uptick and further market confidence .

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🔎 Summary for Social Share

> Ethena ($ENA ) is powering ahead at ~$0.62, up 13% in 24h on $1.14B+ trading volume. With strong futures-open interest and sustained outflows from exchanges, bulls are betting hard. Despite a major token unlock (~171M ENA on Aug 6), support holds around $0.51–$0.55 and resistance lies at $0.68–$0.70. USDe adoption continues to explode, vaulting ETH-based stablecoin demand. #Ethena #ENA #DeFi #USDe #Crypto