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Information about Ethena (ENA)
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'.
Ethena's synthetic dollar, USDe, will provide the first censorship resistant, scalable and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently onchain and free to compose throughout DeFi.
ENA is a native coin of the Ethena ecosystem, operating on Ethereum according to ERC20 standard. ENA token holders can vote on protocol governance decisions.
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News
Bitcoin (BTC) has recently fallen below the 200-day moving average, indicating a bearish trend. The correlation between BTC and traditional stocks has also decreased significantly, suggesting shifts in investor sentiment.
BTC miners are reportedly selling substantial amounts as operational costs rise. Additionally, there’s a proposal for the U.S. To purchase BTC using tariff revenue from China, while attempts to pass a BTC reserve bill in Oklahoma have failed.
Companies like Semler Scientific are looking to raise 500 million USD for BTC acquisitions. Meanwhile, XRP ETFs might soon receive SEC approval, and OKX is expanding by launching a centralized exchange and a wallet service in the U.S.
Ethena Labs will stop its operations in Germany and has ceased the issuance of USDe stablecoin. The company has also abandoned efforts to secure EU authorization under MiCA regulations. The USDe supply has decreased to 4.9 billion tokens, marking a three-month low, influenced by market pressures.
All German customers will now access USDe through Ethena’s international branch, Ethena BVI. Despite regulatory challenges, Ethena aims to enhance USDe’s utility and transparency, introducing a proof-of-reserves program to validate the stablecoin’s backing with tangible assets.
Over the past day, Ethena (ENA) surged by 6.67%, moving from a low of 0.25 USD to a current price of 0.3342 USD. The altcoin also showed an 8.04% weekly gain.
Analysts highlight a shift in market sentiment and strong upward momentum, with negative Netflow indicating increased buyer activity. The ongoing bullish outlook is supported by rising futures buy volume.
If favorable conditions persist, ENA may break out from the inverse head and shoulders pattern, targeting a price of 0.39 USD. Conversely, failure to maintain the upward trend could see a pullback to 0.30 USD.
Ethena’s ENA token plummeted 16% to 0.3012 USD following bearish market sentiment and an impending token unlock.
With trading volume surging to 301.81 million USD, the total market cap dropped to 1.62 billion USD, reflecting increased trader activity ahead of the April 5 token release.
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