ENA Token Surges 5.46% as $260M Buyback, Whale Accumulation, and USDe Growth Drive Momentum

Ethena (ENAUSDT) has seen a 5.46% price increase over the past 24 hours, rising from a 24h open of 0.6021 to 0.6350 USDT on Binance. This upward movement is primarily attributed to the recent unlocking of 172 million ENA tokens and the initiation of a $260 million buyback program aimed at enhancing liquidity, as well as strong investor interest reflected in whale accumulation of over 1 billion ENA. Additional positive drivers include the rapid growth of Ethena’s USDe stablecoin, now the third-largest by market capitalization, and the protocol’s total value locked exceeding $9.6 billion.

Currently, ENAUSDT is trading at 0.6350 with a 24-hour trading volume of approximately $853 million and a market capitalization of $4.2 billion, ranking it among the top cryptocurrencies by market cap. The asset has demonstrated robust trading activity and liquidity, supported by bullish sentiment and significant ecosystem developments.