$ENA The price of Ethena faces a struggle between protocol growth and market volatility.

Protocol revenue activation – sENA holders can earn commissions if the implementation of USDe exceeds 6 billion dollars (optimistically).

Competition of stablecoins – the market capitalization of USDe is growing to 10 billion dollars compared to regulatory changes (mixed).

Whale accumulation – 30% of ENA is held by large wallets, but recently 29.8 million dollars was transferred to exchanges (volatile).