Ethena's $ENA token jumped 15% in 24H, with trading volume up 48%
The surge is driven by a powerful mix of buybacks, rising DeFi strength, and regulatory milestones:

🔹 $260M buyback program by StablecoinX is the main catalyst- $5M/day deployed since July 21, aiming to remove ~8% of ENA's supply by mid-August
🔹 Whale accumulation: 79.25M ENA ($51.8M) bought last week
🔹 Exchange outflows: ENA reserves dropped 14.6% in 30 days, signalling long-term holding

Supporting factors:
📈 TVL surged 50% in July to $8.44B, now ahead of BSC & Tron
🏛️ Regulatory tailwind: $USDtb stablecoin is now GENIUS Act-compliant via Anchorage partnership, easing institutional entry
💸 $USDe yield still >10%, sustaining capital inflows despite market volatility

#ethena is experiencing a demand shock and a supply squeeze, and the momentum is building.