3 reasons why the price of Ethena (ENA) has risen by 160% last month

Tl; Dr.

• The native token of Ethena has been shot up in the last 30 days by triple figures, fed by large exchange lists and other reasons.
• Some analysts are of the opinion that the price can continue to pump in the short term, but the upcoming token -releases suggest that a bearish scenario can also be in the game.

Ena is central

There are countless cryptocurrencies good in the green on a monthly scale, but very few can match the Ethena (ENA) price rally during that period. The token has been exploded by almost 160% and is currently worth around $ 0.67 (per data from Coingecko).

A possible factor that contributes to the Bull Run is the Upbit support. Earlier this month, the leading South Korean Crypto exchange entered The ENA/KRW, ENA/BTC and ENA/USDT trading. It therefore increased the liquidity of the active, improved accessibility and offered it a reputation boost.

It followed the example of Binance, Kraken, Kucin and Bybit, who previously embraced Ena. For his part, Coinbase added Token to his route map and can officially mention it once it meets Certainly criteria.

Another element could be the rapid growth of Usde – the synthetic stablecoin of the Ethena protocol. The product is linked to the US dollar, but differs from USDT, USDC and other market leaders because it is not supported by Fiat or other assets. Instead, it relies on a strategy called Delta-neutral hedging to keep his PEG.

In the past month, the market capitalization of Usde has increased considerably, from $ 5.3 billion at the beginning of July to the current value of $ 8.4 billion.

Last but not least, the ENA price rally could be linked to the recent whales activity. On July 30, the popular X user Ali Martinez unveiled Those big investors have bought almost 80 million tokens in Just A week. The USD equivalent of stock is around $ 53 million (at current rates).

The development reflects strong confidence in the active and can encourage smaller players to become a member of the ecosystem. Moreover, such an accumulation leaves fewer tokens available on the open market, which, in combination with non-annual demand, must result in a price pump.

What is the following?

Multiple analysts believe that ENA can continue to rise in the coming months. X User McKenna assertions The active has ‘the best -looking graph in Defi’, which suggests that it can climb to the beginning of the 2025 soon. Remember that at the start of the year the price was traded well above $ 1.

For their part, Reetika accepted That the further meeting of ENA will “depend on what happens with Ethereum (ETH) as soon as it may reach $ 4,000. The analyst said that this is not the right time to invest in token, but warned traders to stay ready for possible opportunities for buying.

Meanwhile, more than 140 million ENA -Tokens Are planned For release in the next seven days. The increased circulating offer can lead to a priceback if the demand does not respond accordingly.