There’s been a lot of buzz around $ENA lately.

From whispers of huge burns to sky-high projections.

But let’s take a step back and focus on what’s actually happening under the hood.

As of October 2025, Ethena’s circulating supply sits at around 7.15 billion tokens, with a total max supply capped at 15 billion. That puts its current market cap at roughly $4.1 billion, while its fully diluted valuation (FDV) hovers around $8.6 billion. Interestingly, despite that sizable FDV, the protocol boasts an impressive $14.8 billion in Total Value Locked (TVL), meaning its market cap is only about 28–30% of the value secured within the ecosystem.

That ratio isn’t something you see every day — and it speaks to strong real-world utility.

#ENA is one of the more interesting protocols from a utility and usage standpoint, with real capital flowing through it. But at the same time, it carries the classic risks of high-FDV tokens — especially those with large unlock schedules. If you're in this for the long haul, watching token release schedules, burn activity, and insider wallet movements (like recent whale transfers) is more important than chasing rumors about mythical burns or viral price targets. As always, hype fades — but fundamentals speak.


Jee haan im getting lazy now. Maazerat in advance.

lekin in the long run ,,, We will be going to the moon? or not depend on the Octobers candle closing.

#cryptooinsigts #WhaleWatch