- Ethena (ENA) Outperforms Top 100 Cryptocurrencies, Here’s Why
- Ethena’s USDe consolidates itself as the third largest stablecoin
While the rest of the cryptocurrencies struggle to grow in the bearish market, Ethena’s ENA, catalyzed by some on-chain data, is soaring today. In just a few hours, the price of Ethena (ENA) on spot exchanges jumped from $0.41 to $0.47.
Ethena (ENA) Outperforms Top 100 Cryptocurrencies, Here’s Why
Ethena (ENA), the leading native cryptocurrency asset of an on-chain stablecoin protocol, is the best performer among the top 100 cryptocurrencies today. While the market benchmark only rose 1.77%, the ENA price rose almost 9% in 24 hours.
Today, in the early morning hours, the price of Ethena (ENA) reached a high of $0.47, while the capitalization of the asset reached $3.35 billion. ENA is now the 32nd largest cryptocurrency by market cap.
The fact that cryptocurrency enthusiasts discovered that Ethena founder Guy Young bought $25 million worth of ENA on the open market could be behind ENA’s rise.
Furthermore, Andrew Kang, a cryptocurrency entrepreneur and investor, co-founder of major venture capital firm Mechanism Capital, still has his long-standing ENA open.
Combined, the market treats these factors as bullish signals.
Ethena’s USDe consolidates itself as the third largest stablecoin
Along with Hyperliquid, Polymarket, and EigenLayer, Ethena is among the most talked about protocols of this crypto cycle.
The project offers its own stablecoin USDe, as well as a “white label” infrastructure for the development of stablecoins on third-party platforms.
USDe is the largest stablecoin along with the USDT/USDC duopoly. Its capitalization exceeds $12 billion, while its closest competitor, DAI, stands at $5 billion.
