ENA Token Surges 14% as USDe Stablecoin Ranks Third, Whale Holdings Top 1 Billion

Ethena (ENAUSDT) has surged 14.49% in the past 24 hours, with the price rising from 0.6502 to 0.7444 USDT on Binance. This bullish momentum is primarily attributed to strong investor optimism following Ethena’s USDe stablecoin becoming the third-largest dollar-pegged stablecoin, significant whale accumulation surpassing 1 billion ENA tokens, and recent integrations with Transak and Pendle. Technical indicators such as MACD and CMF have signaled robust buying pressure, while the 75% expansion in USDe supply during July has further supported positive sentiment. The market has seen heightened activity, with 24-hour trading volume exceeding $1.48 billion and ENA’s market capitalization reaching approximately $4.9 billion, placing it among the top 35 cryptocurrencies by market cap.