In recent days, Ethena’s ENA has continued its momentum, posting a gain of more than 17% over the last 24 hours. Let’s take a look back at this performance.
Ethena: ENA and stablecoins continue to soar
Last week, we reported on the launch of USDtb by Ethena (ENA), its new GENIUS Act-compliant stablecoin. Over the weekend, we then observed the very strong performance of the ENA token, which has since continued its momentum, rising by a further 11.86% since the publication of our last article.
Check out our guide to Ethena (ENA)
At the time of writing, the price of ENA stands at $0.66 per unit, up 17.2% over 24 hours. Although the asset is still down 56.4% from its all-time high (ATH) on April 11, 2024, July is ending with a gain of more than 151%:
Over the last seven days, ENA has also risen by 40%, and by 73% over 14 days.
Beyond the rise of ENA, other good performances are also worth noting on the USDe stablecoin side. And for good reason, as it saw its capitalization reach $8.44 billion, an increase of 59.2%; a rise that was almost entirely achieved since July 16.
Over the last 20 days, Guy Young, the founder of Ethena, has observed that this performance has exceeded that of net inflows into US BTC and ETH ETFs, and although this is not really comparable, this statistic provides a better perspective.
This week, other developments have added to the positive momentum surrounding the Ethena ecosystem, such as the arrival of USDe on The Open Network (TON) blockchain, and an incentive program on Aave’s Ethereum instance, where using this stablecoin can earn 12% bonus returns.
In this context, ENA now ranks as the 40th largest market capitalization, with $4.25 billion, while USDe and USDtb are the 3rd and 8th largest stablecoins, with $8.44 billion and $1.44 billion, respectively.
