TLDR
ENA price jumped 10% to $1.20 despite broader market decline
World Liberty Financial purchased 231,726 ENA tokens worth $250,000 USDC
A new whale wallet withdrew 5.29M ENA ($5.92M) from Binance
USDe synthetic dollar market cap exceeded $6B, making it the third-largest stablecoin
Partnership announced between Ethena Labs and World Liberty Financial to boost USDe liquidity
The cryptocurrency market witnessed notable activity in the Ethena (ENA) token today, as its price surged 10% to reach $1.20 despite broader market weakness. The rally came amid increased whale accumulation and a new strategic partnership announcement.
Trading volume for ENA shot up 174% over the past 24 hours, crossing the $1 billion mark. Data from Coinglass showed a 20% increase in open interest to $700 million, suggesting traders maintain a bullish outlook on the asset.
World Liberty Financial made headlines by purchasing 231,726 ENA tokens worth $250,000 USDC, bringing their total holdings to 741,681 ENA. The purchase was executed at an average price of $1.011, resulting in an unrealized gain of $33,900 based on current market prices.
In a separate development, blockchain analytics firm Spot On Chain reported that a newly created wallet withdrew 5.29 million ENA tokens from Binance. The withdrawal, valued at $5.92 million, occurred at an average price of $1.12, indicating strategic accumulation during market fluctuations.
The monthly performance of ENA has been particularly strong, with gains exceeding 100%. This upward momentum coincides with growing demand for Ethena’s USDe synthetic dollar, which recently achieved a market capitalization of over $6 billion.
Ethena Labs announced a formal partnership with World Liberty Financial, aiming to enhance USDe liquidity and boost user rewards across WLFI’s decentralized finance platforms. The collaboration includes a governance proposal to integrate Ethena’s sUSDe synthetic dollar as a primary collateral asset in WLFI’s upcoming lending and borrowing platform.
The rapid growth of USDe has positioned it as the third-largest stablecoin in the market, surpassing DAI. This achievement marks a key milestone for the Ethena ecosystem, reflecting increased adoption and user confidence in the synthetic dollar product.
Technical analysis reveals that the $1.20 level has served as a resistance point for ENA in recent weeks. While the token has made several attempts to break above this threshold, buyers have struggled to maintain momentum beyond this price point.
Ethena Price on CoinGecko
The 24-hour trading metrics show sustained buying pressure, with the majority of trades occurring on major cryptocurrency exchanges. The increased trading volume suggests active participation from both retail and institutional investors.
Market data indicates that long positions have dominated trading activity, with the majority of traders positioning themselves for potential upside moves. The ratio of long to short positions has remained notably skewed toward longs throughout the recent price action.
On-chain metrics reveal healthy network activity, with an uptick in unique wallet addresses interacting with the ENA token. The number of active wallets has shown steady growth over the past month, indicating expanding market participation.
Liquidity metrics for ENA have improved substantially, with deeper order books across major trading venues. This enhanced liquidity environment has contributed to reduced slippage for large trades and more stable price action.
The partnership announcement has sparked increased social media activity around the ENA token, with mentions and engagement metrics showing notable growth across various platforms. However, this has not translated into excessive price volatility.
Recent blockchain data shows a pattern of accumulation among addresses holding between 100,000 and 1 million ENA tokens, suggesting continued interest from medium to large-scale investors in the project.
The hourly price chart demonstrates strong support levels forming around the $1.15 mark, with buyers consistently stepping in during brief dips below this threshold. Trading volume spikes have coincided with these support tests, indicating active defense of this price level.
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