$ENA is the governance token of Ethena, a DeFi protocol on Ethereum that offers USDe, a stable synthetic dollar. In 2025, $ENA has shown strength, with a current price of ~$0.58, although it fell -6% in 24 hours and -7% in a week, far from its high of $1.32 in December 2024. Its market capitalization is ~$3.87 billion, with 6.62 billion tokens in circulation out of a total of 15 billion. Despite the volatility, the adoption of USDe and institutional purchases, such as that of Arthur Hayes, drive its potential.
