🚀 Ethena’s USDe Explodes to $9.3B as ENA Targets $0.78 Amid 12% Daily Rally
Ethena's synthetic dollar protocol USDe smashes records—$9.3B market cap signals DeFi's hunger for yield. Meanwhile, ENA token surges 12% in 24 hours, flirting with $0.78 as traders pile in.
Why the frenzy? The market's chasing stablecoin yields like Wall Street chases quarterly bonuses—desperately and with questionable long-term strategy. USDe’s growth mirrors the sector’s synthetic asset boom, while ENA’s rally hints at speculative froth.
What’s next? Watch for volatility. When DeFi tokens pump this hard, they often attract two things: more buyers… and gravity.
- Ethena’s USDe market cap jumps 75% in a month, reaching a record $9.3 billion.
- ENA price climbs 12.65% in 24 hours despite a recent weekly dip.
- If momentum holds, ENA may hit $0.7800, reflecting a 25% upside.
Ethena, the team behind the popular synthetic dollar USDe, is gaining strong attention this month. As interest in USDe continues to climb, the stablecoin’s market value has jumped 75% in just a month.
In the past week alone, it ROSE another 24%, reaching a new all-time high of $9.3 billion in market capitalization.
Ethena’s native token, ENA, is also experiencing a strong recovery. In the last 24 hours, ENA has risen by nearly 12.65%, despite a broader 8.96% weekly decline.
At the time of writing, ENA is trading at $0.6259, supported by a trading volume of $1.14 billion, which has increased by 29.08% over the same period. Its current market capitalization stands at $3.99 billion.
Support Levels Hold as Ethena Attempts a Comeback
Crypto analyst CryptoBull_360 highlighted that, based on ENA’s recent chart movement, there is cautious optimism. The token has been trading sideways within a defined range for some time.
However, it’s now climbing above the 200-day EMA level around $0.57, which has been acting as a strong support zone. Buyers seem to be stepping in, forming higher lows, a positive signal that the price may be preparing for an upward move.
Analysts say that if ENA can stay above the $0.6500–$0.6700 zone, there could be enough momentum to reach a higher price target around $0.78, offering over 25% potential upside from its current level.
Market Signals Point to Rising Momentum
Activity around ENA is picking up rapidly. Daily trading volume has risen by 49.46%, now standing at $3.64 billion, and open interest, which reflects the number of active positions, has grown 13.41% to reach $1.15 billion. These numbers show that more participants are entering the market and that interest in ENA is growing.
However, the OI-weighted metric has dipped slightly to -0.0195%, which may suggest that some investors are becoming cautious, possibly locking in gains or preparing for short-term shifts after the recent price surge.
As Ethena’s USDe continues to draw in capital and ENA shows renewed strength, all eyes will be on whether this momentum can push the ecosystem to even higher milestones in the coming weeks.
