Ethena Reaches New Heights as Demand Soars With Record TVL
The price of Ethena’s ENA token has surged to a new peak after more than two weeks, driven by a massive increase in total value locked (TVL) and revenues. This jump signals substantial growth for the crypto project.
Ethena’s TVL has escalated sharply, touching $12.85 billion—an extraordinary climb from its year-to-date low of $5.5 billion. This rise stems mainly from the increasing popularity of its USDe synthetic stablecoin. The coin boasts an annual return of 7%, surpassing the government bond yield of 4%. Consequently,this attracts more users who are interested in higher yields.
The growth in TVL has also boosted network fees and revenue.In the third quarter alone,fees reached $109 million,considerably greater than the $27 million recorded in the same period last year. Additionally, revenues climbed to $7.65 million, up from $1.15 million in Q2.
A big player in this surge is StablecoinX. The firm is raising over $530 million with plans to add more than 3 billion ENA tokens to its holdings. This move will fuel further demand for the ENA tokens.Whales too are actively piling up ENA; they’ve added 57 million tokens, signaling strong bullish sentiment.
Technical outlook
Technically, ENA looks poised for more gains.The price chart reveals robust signs like a double bottom pattern and a golden cross, both indicating a bullish trend. With targets near $0.8595, investors might find this an attractive prospect.
