Ethena (ENA) has rallied nearly 14% over the past 24 hours, climbing to $0.73, as strong whale accumulation and an aggressive buyback initiative tighten supply.
The token’s market cap now stands at $4.83 billion, with trading volume nearly doubling to $1.46 billion in the same period.
Whale Activity and $260M Buyback Drive Supply Squeeze
Large holders have boosted their ENA positions by 30.19% over the past three months, including a 0.21% increase in just the past week. StablecoinX’s $260 million buyback program, running at approximately $5 million per day, has already absorbed around 8% of ENA’s circulating supply since July 21. This sustained accumulation reduces sell-side pressure and reflects long-term confidence in Ethena’s synthetic dollar model.
USDe Adoption Accelerates with Regulatory Backing
Ethena’s USDe stablecoin supply has jumped 30% since July 17 to $9.66 billion, making it the third-largest stablecoin by market cap. The launch of the GENIUS Act-compliant USDtb variant, backed 90% by BlackRock’s BUIDL fund, has opened doors for deeper institutional adoption. Anchorage Digital’s participation has further enhanced regulatory credibility, alleviating concerns over peg stability and compliance risks.
Technical Indicators Signal Breakout Potential
On the charts, ENA has reclaimed its 50-day EMA at $0.516 and convincingly broken above the $0.65 resistance level. The MACD histogram has flipped positive, while RSI readings remain below extreme overbought territory despite recent gains. Analysts, including Ali from @ali_charts, see the current bullish flag breakout as a possible path toward $1.50. However, the 78.6% Fibonacci retracement at $0.812 may serve as the next resistance zone. A close below $0.60 would put the bullish setup in jeopardy.
What to Watch Next
Investors will be monitoring StablecoinX’s daily buyback execution rates and whale wallet activity closely, as both remain key drivers of supply dynamics. Regulatory developments surrounding USDe’s expansion and institutional adoption rates will also play a critical role in determining whether ENA can maintain its momentum toward the $1 mark and beyond.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/ethena-ena-surges-on-whale-accumulation-and-massive-buyback/