Ethena’s governance token ENA surged more than 13% in the past 24 hours, trading at $0.623 with a market cap nearing $4 billion.
The rally comes as the project’s synthetic stablecoin, USDe, saw explosive growth in July—its supply jumped 75% to $9.5 billion, overtaking FDUSD to become the third-largest stablecoin on the market.
Rising crypto prices have pushed perpetual futures funding rates higher, enabling Ethena to deliver yields of up to 37%. This has created a feedback loop where stronger returns attract more USDe minting, boosting protocol revenue to $36.5 million in July, nearly double June’s $19.96 million. This expansion has strengthened ENA’s role within the ecosystem.
A key event on the horizon is the $100 million ENA unlock scheduled for August 5, representing 2.7% of the total supply. While such releases often spark volatility, ENA has shown resilience. In the past two weeks, 250 million tokens—worth $154 million—were sent to exchanges, yet the price held firm above $0.60, signaling strong demand from buyers.
From a technical perspective, ENA recently broke through the $0.45 barrier and formed a “Golden Cross” as its 50-day EMA moved above the 200-day EMA, a traditionally bullish sign. The next key resistance lies between $0.77 and $0.90, though some short-term consolidation may occur before another leg higher.
With USDe’s rapid expansion and ENA’s bullish chart setup, all eyes are now on how the token will react after the August 5 unlock. If price stability holds, ENA could further cement its reputation as a leading play in the synthetic dollar space.
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Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/ethena-climbs-over-13-whats-behind-the-surge/