$ENA

📈 Price & Market Momentum

ENA has surged 13–16% within the past 24 hours, trading near $0.62–$0.64, with market cap hovering just under $4 billion .

That jump reversed recent bearish pressure, with trading volume rising by 28–61%, and derivatives open interest jumping around **17–46%** .

ENA jumped 20% overnight, reclaiming a $3 billion+ market cap and breaking out of a long accumulation zone ($0.28–$0.50) .

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🚀 Key Drivers & Strategic Developments

1. Stablecoin USDe Expansion

Ethena’s synthetic dollar USDe supply soared ~75% in July, reaching between $7–9.5 billion, becoming the third‑largest stablecoin, behind USDT and USDC .

That growth has boosted Total Value Locked (TVL) to roughly $8 billion, up about 50% in July alone .

2. Institutional Accumulation & Token Mechanics

Arthur Hayes (BitMEX co‑founder) purchased approximately 2.16 million ENA (~$1 million), increasing his holding to ~7.76 million tokens. That triggered a price pop of up to **16%** .

Meanwhile, StablecoinX launched a $260 million buyback program, buying ENA daily and reducing circulating supply—estimated to absorb around 8% of supply by August end .

Ethena also transferred 150 million ENA tokens (~$77 million) to exchanges, potentially signaling new liquidity or market-making efforts .