$ENA remains the governance/utility token of Ethena, which underpins the synthetic-dollar ecosystem USDe. That gives ENA structural utility: holders can stake, govern, and benefit from the protocol’s revenue model.
Recently there has been “whale accumulation” — some large holders bought and staked sizeable amounts of ENA, which can signal confidence from institutional or big-money investors.
The underlying project has been expanding: the protocol is building cross-chain, restaking features, and broader “real-world asset” ambitions which — if successful — can increase demand and long-term value for $ENA
ENA
0.2892
+8.64%
