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Ethena’s governance token, ENA, skyrocketed 150% in the past 30 days, with a 40% spike in the last week, reaching $0.85 on August 12, 2025, per CoinIndexNews. This surge aligns with Ethena’s Total Value Locked (TVL) exceeding $10 billion, driven by its synthetic stablecoin, USDe, now the third-largest stablecoin by market cap, boasting a $3.83 billion valuation.
A key driver is ENA’s “Golden Cross,” where the 50-day EMA crossed above the 200-day EMA, signaling strong bullish momentum. The Relative Strength Index (RSI) at 74 and a bullish MACD crossover reinforce this trend, with analysts eyeing $1.25-$1.50 targets if ENA breaks $0.8741 resistance. However, $29.8 million in ENA moved to exchanges August 9-10, hinting at short-term volatility, with support at $0.70 and $0.56.
Ethena’s USDe, integrated across 23 blockchains via LayerZero, processed $743 million in cross-chain volume last week, boosting ecosystem growth. Daily $5 million ENA buybacks and a 12% rise in whale addresses holding 100,000–1 million tokens, now controlling 30% of supply, further tighten supply. Futures volume surged 41.84% to $4.35 billion, reflecting robust market interest. Posts on X highlight ENA’s momentum, with users like @nottellingyou73 noting TVL’s climb from $6 billion to $9 billion in a week.
Despite a 171.85 million token unlock on August 6, ENA’s resilience suggests strong fundamentals. Analysts predict a potential $1+ price by late 2025, driven by USDe’s 11% yield and the upcoming “fee switch” rewarding holders. Investors should stay cautious of volatility and regulatory risks in this DeFi boom.
