ENA Token Surges 14.64% as Whale Accumulation, Buybacks, and DeFi Integrations Drive Rally

Ethena (ENAUSDT) saw a 14.64% price increase in the last 24 hours, rising from 0.6542 to 0.7500 on Binance. This surge is primarily attributed to strong whale accumulation, with holdings rising over 30% and surpassing 1 billion tokens, as well as aggressive buyback activity reducing circulating supply. Additional positive momentum came from Ethena’s introduction of an on-chain Proof of Reserves system, its partnership with TON Foundation to integrate USDe via LayerZero, and ENA’s acceptance as collateral on Aave, which expanded its DeFi utility. The supply of Ethena’s USDe stablecoin grew 75% in July, further supporting market sentiment, while integration with Pendle Finance and increased trading activity from both retail and institutional investors contributed to the rally.

Currently, ENA trades at 0.7500 with a 24-hour volume exceeding $1.48 billion and a market capitalization near $5 billion, ranking it #30 by market cap. The price fluctuated between 0.64 and 0.77 in the past day, with the ENA/USDT pair on Binance leading trading volumes.