ENA Surges 6.56% as $260M Buyback and USDe Growth Drive Investor Confidence

Ethena (ENAUSDT) has experienced a 6.56% price increase over the past 24 hours, rising from 0.5607 to 0.5975 USDT. This upward movement is primarily attributed to the announcement of a $260 million ENA buyback program and the continued growth of Ethena’s USDe stablecoin, which has surpassed $9.3 billion in supply, reinforcing investor confidence despite a recent token unlock of approximately 172 million ENA. The market also responded positively to Ethena’s plans for a USD-compliant stablecoin in partnership with Anchorage Digital, further supporting sentiment.

Currently, ENA trades at 0.5975 USDT with a 24-hour trading volume of approximately $656 million to $710.5 million and a market capitalization near $3.96 billion. While the broader trend remains volatile with both bearish and bullish signals, recent developments and strong trading activity have contributed to short-term price resilience.