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July 2025 has been a great month for ENA — the token is up more than 80% in just a few weeks. But the big question now is: will Ethena keep going up, or is a pullback coming later this year? And what about the long-term — is ENA just riding the hype, or does it actually have staying power?
Oh, and if you’re still wondering what exactly ENA is in the first place — don’t worry, we’ve got that covered too. Let’s break it all down in our Ethena price prediction.
What is Ethena?
Ethena is one of the hottest projects in crypto right now, aiming to shake up stablecoins with a fully on-chain, decentralized approach. Its main product, USDe, is a synthetic dollar that doesn’t rely on traditional cash reserves. Instead, it uses a clever strategy — balancing long spot positions with short futures — to keep its $1 peg without banks or middlemen. There’s also sUSDe, a version that earns yield through smart trading in derivatives markets.

The governance token, Ethena Ethena
ena -7.69%
Ethena, lets holders vote on changes and earn rewards.
But it’s not risk-free. USDe’s stability depends on smooth derivatives markets and enough liquidity. Big shocks, like funding rate crashes or wild volatility, could throw things off balance. It’s a fresh, experimental idea, so while promising, it’s still unproven in the long run. Overall, Ethena offers a cool glimpse at what a decentralized “internet dollar” could be — exciting, but definitely not without risk.$ENA