#Ethena ($ENA ) Surges 12% Amid Whale Accumulation and DeFi Growth

Ethena’s governance token ($ENA) surged 12% to $0.633 as trading activity spiked and investor interest returned. The rally, backed by whale accumulation and growing adoption, pushed Ethena’s fully diluted valuation to $9.5 billion, according to CoinGecko.

While the token is showing strength above key support, technical patterns warn of potential volatility ahead. Traders and analysts are now closely watching whether $ENA can break out of a rising wedge pattern or face a retracement toward lower support.

Whales Accumulate Over 1 Billion $ENA as #FDV Nears $10 Billion

$ENA’s recent price performance isn’t just a result of speculative trading—it’s being driven by on-chain fundamentals and whale behavior.

According to data from DefiLlama:

Annualized #Fees : $448.8 million

Annualized #Revenue :$101.13 million

Circulating Supply: 6 billion #ENA out of 15 billion max

Fully Diluted Valuation: $9.49 billion

On-chain analysis further reveals that large wallet holders have accumulated over 1 billion $ENA, a bullish indicator suggesting long-term confidence from institutional investors and strategic funds.