Many people have been asking me recently, can we still get in on $ENA ? Have we already missed the best opportunity? Can we still take advantage?
I will discuss some practical insights from the perspectives of data, logic, and rhythm.
First, over the past week, Ethena's TVL has continued to rise, and the issuance of USDe is also expanding, indicating that the market's recognition of its positioning as a 'stablecoin alternative' is increasing. Two signals are worth noting:
First, confidence in the unanchored stable mechanism is warming up, and second, large funds are indeed entering the market, whether for arbitrage, market making, or long-term expectations.
But don't get me wrong, an increase in TVL does not mean a short-term price surge; it is more a process of valuation rationalization. Just because you see the TVL rising doesn’t mean you should rush in immediately; you need to manage the rhythm well.
The second key point is that the $300 million buyback pool announced by the Ethena team has only executed the first phase so far, and there is still a large amount of funds on-chain that have not moved. If this part continues to be released, it will provide substantial support for ENA's funding situation.
Overall, ENA is currently a typical coin dominated by 'funding logic + structural rotation', which is not suitable for blind FOMO, but it is worth closely tracking, especially when the mainstream rotation rhythm is slow; it is one of the few projects with certain capital inflows.
If you are paying attention to ENA, remember to keep an eye on on-chain capital movements; rhythm is more important than sentiment. Opportunities will arise, but you cannot rely on guessing. Blindly going solo will never bring opportunities. Pay attention to @Crypto惠姐 , and I will guide you to explore tenfold potential coins! Top-tier first-level resources!
