While the rest of cryptocurrencies are struggling to grow in the pessimistic market, Ethena's ENA, catalyzed by some on-chain data, is rocketing today. In just a few hours, Ethena's (ENA) price on spot exchanges jumped from $0.41 to $0.47.
Ethena (ENA) outperforms all top 100 cryptos, here is why
Ethena (ENA), the core native cryptocurrency asset of an on-chain stablecoin protocol, is the best performer across all top 100 cryptocurrencies today. While the market benchmark is only up by 1.77%, ENA's price added almost 9% in 24 hours.
Today in the early morning hours, the price of Ethena (ENA) peaked at $0.47, while the capitalization of the asset reached $3.35 billion. ENA is now the 32nd largest crypto by market cap.
The fact that crypto enthusiasts spotted that Ethena's founder Guy Young purchased $25 million worth of ENA on the open market might be behind the upsurge of ENA.
Also, Andrew Kang, a cryptocurrency entrepreneur and investor, co-founder of top VC firm Mechanism Capital, still has his ENA long opened.
Combined, these factors are treated as bullish signals by the market.
Ethena's USDe cements itself as third biggest stablecoin
Together with Hyperliquid, Polymarket and EigenLayer, Ethena is among the most talked-about protocols of this crypto cycle.
The project offers its own stablecoin USDe as well as "white label" infrastructure for stablecoin development on third party platforms.
USDe is the largest stablecoin alongside the USDT/USDC duopoly. Its capitalization exceeds $12 billion, while its closest competitor DAI sits at $5 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team