1. Trading activity and institutional focus
The price of ENA has risen by nearly 160% over the past month, driven by the listing of the currency on prominent exchanges like Upbit, which boosted trading volume and liquidity and highlighted the currency.
Also, the entry of the financial institution World Liberty Financial — associated with Donald Trump's businesses — through a substantial initial purchase of ~$500,000 (approximately 510,000 ENA) has boosted market confidence.
2. Expansion of the Stablecoin base within the system (USDe)
The synthetic stablecoin USDe associated with the Ethena protocol has seen remarkable growth in market value, from $5.3 billion to approximately $8.4 billion in just one month, making it the third largest stablecoin of its kind.
This expansion drives more demand for ENA as the primary governance token of the protocol.
3. 'Whale' purchases and token accumulation
A large number of 'whales' have purchased over 1 billion ENA recently, reflecting strong confidence and reducing the available supply for sale.
In July/August 2025, the total value locked in the protocol (TVL) jumped from $5.8 billion to over $9.6 billion, strengthening the economic foundation of the token.
4. Buybacks and supply reduction
The StablecoinX platform executed ENA purchases worth $260 million, reducing the circulating supply by about 8%.
Additionally, indicators like open interest have risen, suggesting new capital entering the market.
5. Technical strength and positive technical signals
Daily trading volume has increased by about 115%, reflecting strong buying activity.
Positive technical signals have also emerged, such as the 'targeted breakout' from critical resistance areas, according to technical analyses.
