Ethena Token Surges as Whales Accumulate and USDe Stays Stable
Ethena (ENA) token has seen a significant price increase over the past two days. The token rose to $0.4700, marking a 210% jump from its lowest point this month. This surge has pushed its market cap above $3.2 billion.
The rebound in ENA price comes after the usde stablecoin maintained its peg. Last week, usde briefly dipped below $1 during the crypto market crash. However, it quickly regained its value after developers shared data showing it was overcollateralized. USDe has a total supply of $12.18 billion, backed by $12.25 billion in reserves, including Bitcoin, Ethereum, and other stablecoins.
Ethena’s partnership with conduit,a platform powering 55% of ethereum chains,has also boosted the token. This collaboration allows developers to use Ethena’s infrastructure for building stablecoins.
On-chain data reveals that whales have been actively buying ENA. These large investors now hold 46.6 million tokens, up from 41.6 million on October 1. Notable figures like Arthur Hayes and Kain Warwick have increased their holdings by 600%.
Exchange balances of ENA have dropped to 4.58 billion tokens, down from 4.94 billion on October 7. This decline suggests investors are moving tokens to self-custody wallets rather than selling.
Technically,ENA price has formed a double-top pattern at $0.8538.It crashed below the neckline at $0.6060 but has since bounced back. The token is currently hovering near $0.50. If it breaks above $0.6060, it coudl see a 30% increase. however, a death cross pattern could signal a potential downtrend.
Ethena is a new cryptocurrency designed for price stability without customary collateral. It uses an algorithmic approach to stabilize value through elastic supply and demand.Developed by ethena Labs, the project aims to create a decentralized stablecoin.
