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Why did the price of ENA fall?

Ethena (ENA) dropped 2.06% in the last 24 hours, falling to $0.59. This performance was weaker compared to the overall crypto market, which rose by 2.01%. The main reasons for this decline include:

  1. Technical pullback – ENA hit resistance at $0.70 and showed signs of weakening momentum.
  2. Profit-taking – Large holders moved 80 million ENA coins to exchanges, indicating they might be selling.
  3. Stablecoin competition – Growth of Ethena’s stablecoin USDe slowed as bigger stablecoins like Tether and USDC regained market share.

Deep Dive

1. Technical Resistance & Momentum Shift (Negative Impact)

What happened:
ENA tried to rise above $0.70 but was pushed back, causing a price drop. Technical indicators like the Relative Strength Index (RSI) show that buying momentum is weakening. The Moving Average Convergence Divergence (MACD) shows some positive signs but is still below a key signal line, suggesting caution.

What this means:
Traders likely sold their ENA after the price failed to break above $0.70, especially since ENA is now trading below its 30-day average price of about $0.665. The price range between $0.55 and $0.58 is now an important support level. If ENA falls below this, it could lead to more selling pressure.

What to watch:
Keep an eye on trading volume around $0.55. If ENA closes below this level consistently, the next support to watch is the 200-day average price near $0.454.

2. Large Holder Activity Signals Selling (Negative Impact)

What happened:
Big investors, often called “whales,” moved 80 million ENA (worth about $47.4 million) to exchanges like Binance over the past two weeks. This usually means they are preparing to sell some of their holdings. This comes after ENA’s price surged 131% over the last 90 days.

What this means:
When large amounts of coins are sent to exchanges, it often leads to increased selling pressure. ENA’s trading volume rose 26% to $403 million in 24 hours, showing the market is handling this selling at lower prices.

What to watch:
The Ethena Foundation plans to activate a fee-switch soon, which could encourage holding ENA and help balance out selling pressure. More details can be found here: Ethena Foundation Fee Adjustment.

3. Stablecoin Market Changes (Mixed Impact)

What happened:
The growth of Ethena’s stablecoin USDe slowed to 31% month-over-month, compared to a 150% increase in July. Meanwhile, larger stablecoins like Tether and USDC regained their market dominance. Additionally, the launch of a competing synthetic dollar called suiUSDE on the Sui blockchain has made the stablecoin market more competitive.

What this means:
Although USDe remains the third-largest stablecoin with a market cap of $14.8 billion, the stablecoin sector is becoming more fragmented. Increased regulatory attention, such as the proposed GENIUS Act, has also reduced speculative interest in ENA. For more on this, see: Stablecoin Market Growth and Regulation.

Conclusion

ENA’s recent price drop is due to technical challenges, profit-taking after a strong 131% rally, and increased competition in the stablecoin market. The $0.55–$0.58 price range is a key support zone that could help stabilize ENA’s price. However, to push back above $0.70, Ethena will need stronger adoption of USDe or improvements to its protocol.

Key point to watch: Can ENA stay above its 200-day average price of $0.454, especially if Bitcoin’s market dominance continues to rise?


What could affect the price of ENA?

Ethena’s price depends on protocol improvements, how widely its stablecoin is used, and changes in market mood.

  1. Tokenomics & Restaking – New ways to use $ENA through staking and lower inflation create a mix of positive and negative effects.
  2. Stablecoin Competition – Growth of USDe compared to Tether and USDC, plus new regulations, have mixed impacts.
  3. Whale Moves & Liquidity – Big investors buying $ENA versus tokens moving to exchanges could cause price swings.

Deep Dive

1. Protocol Upgrades & Tokenomics (Mixed Impact)

Overview:
In June 2025, Ethena introduced generalized restaking for $ENA and $USDe. This lets users earn rewards through Symbiotic, which multiplies $ENA rewards by 30 times, and helps secure transfers across different blockchains. Also, users must lock at least 50% of their unvested $ENA tokens to discourage quick selling. The upcoming Ethena Chain (planned for 2024) will use $ENA for transaction fees and decentralized finance (DeFi) apps, which could boost demand.

What this means:
Positive: Locking tokens reduces selling pressure, and new uses like securing cross-chain transfers add value.
Negative: There’s still a large number of tokens in circulation (7.16 billion out of 15 billion), and inflation continues despite changes.

2. Stablecoin Adoption & Regulatory Shifts (Bullish)

Overview:
USDe’s supply grew to $14.8 billion by October 2025, making it the third-largest stablecoin. Its unique delta-hedged yield model attracts users. Partnerships such as SUI’s suiUSDe and Hyperliquid’s USDH help expand where USDe can be used. The new GENIUS Act in the U.S. supports stablecoins that follow regulations, benefiting Ethena compared to competitors offering yield but facing legal challenges.

What this means:
USDe’s growth boosts $ENA’s value through staking rewards and governance roles. Favorable regulations could strengthen USDe’s position against rivals like USDT and USDC, though competition from bank-backed stablecoins (like those from JPMorgan’s group) remains a challenge.

3. Whale Activity & Market Sentiment (Neutral)

Overview:
In early October, large investors (whales) bought 12 million ENA (about $7 million), while in August 2025, $29.8 million worth of ENA was moved to exchanges. Data on derivatives shows negative funding rates (-0.0046%), indicating some traders are betting on price drops even as interest in $ENA grows.

What this means:
Big investors accumulating $ENA suggests confidence in the long term, but tokens moving to exchanges could mean some are taking profits. This tug-of-war may cause price swings until the market settles.

Conclusion

Ethena’s price will be influenced by how widely USDe is adopted, how useful $ENA becomes within its ecosystem, and overall market liquidity. Key events to watch include the fee switch activation, which shares protocol revenue with stakers, and USDe’s expansion across blockchains, both of which could drive prices up.

Will whale buying balance out token unlocks and selling pressure?


What are people saying about ENA?

The Ethena (ENA) community is divided between hopes for a big price jump and concerns about a pause or pullback. Here’s the latest:

  1. Traders are targeting prices above $5 if ENA holds key support levels.
  2. Large holders (“whales”) are split between buying more and cashing out.
  3. Technical indicators suggest big price swings around $0.70.

Deep Dive

1. @Kingpincrypto12: Weekly chart points to a major bullish breakout

"Double bottom pattern plus a strong retest of weekly support. Fundamentals support Ethena’s buying pressure and growing USDe adoption."
– @Kingpincrypto12 (23.4K followers · 18.2K impressions · 2025-10-05 08:30 UTC)
View original post
What this means: This setup shows confidence from big investors, with ENA’s price movement reflecting the steady growth of its stablecoin USDe.

2. @ali_charts: Large transfers to exchanges raise sell-off concerns

"80 million ENA moved to exchanges in two weeks – the biggest over-the-counter transfer since July."
– @ali_charts (392K followers · 2.1M impressions · 2025-09-02 15:32 UTC)
View original post
What this means: Early investors might be taking profits after ENA’s 134% gain over the last 90 days, which could create selling pressure near $0.65.

3. CoinMarketCap Community: $5 price target gaining popularity

"We bought in at $0.30 – holding $0.45 support could push the price to $5 this cycle."
– CoinMarketCap post (4.2K likes · 2025-07-20 08:42 UTC)
View original post
What this means: Retail investors are optimistic, focusing on Ethena’s strong weekly protocol revenue ($53 million) and an upcoming fee-sharing plan for ENA holders.

Conclusion

The outlook for Ethena is mixed. Technical charts suggest a possible breakout, but some early investors are cashing out. While some traders see bullish patterns and growing institutional interest, data shows more ENA tokens moving to exchanges, which could mean selling pressure. Watch the $0.70 level closely—a strong move above it could confirm the bullish case, while failure to break it might lead to more sideways trading. Also, keep an eye on how USDe’s total value locked (TVL), currently $12.6 billion, interacts with Bitcoin’s price, as this relationship could influence Ethena’s next moves.


What is the latest news about ENA?

Ethena is making big moves with new partnerships and milestones in stablecoins, while major investors are increasing their holdings. Here’s the latest update:

  1. SUI Partnership Launch (October 2, 2025) – Ethena introduced native stablecoins (suiUSDe and USDi) on the Sui Network, expanding its decentralized finance (DeFi) presence.
  2. MEXC Boosts Investment (October 1, 2025) – MEXC Ventures raised its investment in Ethena to $66 million, showing strong institutional support.
  3. Middle East Growth (September 25, 2025) – UAE-based M2 Capital invested $20 million to bring Ethena’s stablecoins into wealth management products.

In-Depth Look

1. SUI Partnership Launch (October 2, 2025)

What happened:
Ethena teamed up with Sui Network and the Sui Foundation to launch two new stablecoins: suiUSDe (a synthetic dollar) and USDi (a token backed by BlackRock BUIDL). These stablecoins will be used for DeFi applications and payments on the Sui blockchain, which is known for its fast transaction speeds.

Why it matters:
This partnership is positive for Ethena (ENA) because it expands its use beyond the Ethereum blockchain and taps into Sui’s growing ecosystem, which has a market value of around $13 billion. It could also increase demand for ENA tokens, which help govern and manage cross-chain operations. (Cryptotimes)

2. MEXC Boosts Investment (October 1, 2025)

What happened:
MEXC Ventures increased its investment in Ethena by $30 million, bringing its total exposure to $66 million. MEXC also plans to support Ethena with technical resources and liquidity.

Why it matters:
This shows strong confidence in Ethena’s role in building synthetic dollar infrastructure. It could improve liquidity and increase demand for ENA tokens on exchanges. However, since a large portion of support comes from one exchange, changes in MEXC’s strategy could affect ENA’s price stability. (CCN)

3. Middle East Growth (September 25, 2025)

What happened:
M2 Capital, a UAE-based investment firm, put $20 million into Ethena. Their goal is to integrate Ethena’s stablecoins (USDe and sUSDe) into regulated wealth management products through their affiliate, M2 Global Wealth.

Why it matters:
This move is somewhat positive, as it signals growing institutional interest in Ethena in the Middle East. It could help stabilize demand for ENA tokens. However, regulatory challenges in the Middle East and North Africa (MENA) region could pose risks. (Cointelegraph)

Conclusion

Ethena is evolving beyond its Ethereum origins by expanding to new blockchains, gaining institutional backing, and launching stablecoins designed to meet regulatory standards. These developments increase Ethena’s potential but come with risks, including how well the Sui partnership performs and possible regulatory changes in key markets like the UAE. The big question remains: can ENA maintain its $4.2 billion market value as competition in the stablecoin space heats up?


What is expected in the development of ENA?

Ethena’s roadmap is focused on growing its usefulness, strengthening cross-chain security, and improving how its ecosystem works together.

  1. Generalized Restaking (Q4 2025) – Securing cross-chain transfers using Symbiotic and LayerZero technology.
  2. Ethena Chain Launch (2026) – Creating financial apps that use USDe as the transaction fee token.
  3. Fee Switch Activation (Pending Governance) – Sharing revenue with ENA holders.

Deep Dive

1. Generalized Restaking (Q4 2025)

Overview:
Ethena is testing a new restaking system with partners Symbiotic and LayerZero to protect cross-chain transfers of USDe. By staking ENA and sUSDe tokens, users help secure LayerZero’s Decentralized Verification Network (DVN), which ensures messages between blockchains are trustworthy. This system is designed to be flexible, allowing new services to be added later.

What this means:
Positive: This increases ENA’s value as a security token, offering rewards for restaking and possible bonuses from partner projects. Risks include potential bugs in smart contracts and dependence on LayerZero’s success.

2. Ethena Chain Launch (2026)

Overview:
The Ethena Chain, outlined in the 2024 roadmap, will support financial applications like perpetual decentralized exchanges (DEXs) and loans without full collateral, using USDe as the main fee token. Restaked ENA will help secure important parts of the network, such as oracles and transaction sequencers, while earning fees from these apps.

What this means:
Positive: ENA could become a key player in decentralized finance (DeFi), earning revenue based on network use. Negative: There are risks in delivering this vision and competition from other blockchains like Sui, which recently added synthetic dollar features.

3. Fee Switch Activation (Pending Governance)

Overview:
The Ethena Foundation has prepared fee switch settings (Foresight News). If approved, a share of the protocol’s revenue—such as from USDe’s $14.8 billion total value locked (TVL)—will be paid out to ENA stakers.

What this means:
Positive: This creates a cycle encouraging holders to keep their ENA tokens for steady income. Neutral: Some holders might sell after activation to take profits, causing short-term price pressure.

Conclusion

Ethena’s roadmap balances near-term improvements like restaking and fee sharing with long-term growth through the Ethena Chain. Its partnership with Sui for synthetic dollars (SUI Group) shows a clear goal of cross-chain collaboration. The big question is whether ENA can become a leading “DeFi reserve currency” despite regulatory challenges and competition.


What updates are there in the ENA code base?

Ethena’s latest updates focus on improving restaking features and aligning the ecosystem for better growth.

  1. Generalized Restaking Integration (June 26, 2025) – Enhances security for cross-chain USDe transfers using LayerZero technology.
  2. Vesting Lock Requirements (June 17, 2025) – Requires users to lock 50% of unvested ENA tokens when claiming airdrops.
  3. sUSDe HyperEVM Launch (September 25, 2025) – Introduces fixed-yield pools with a $100 million cap on Pendle’s HyperEVM platform.

Deep Dive

1. Generalized Restaking Integration (June 26, 2025)

What it is: ENA token holders can now “restake” their tokens through Symbiotic to help secure USDe transfers across different blockchains using LayerZero’s network.

Why it matters: This development is positive for ENA because it directly increases the token’s usefulness by tying it to the security of Ethena’s growing cross-chain network. This encourages holders to keep their tokens longer. (Source)

2. Vesting Lock Requirements (June 17, 2025)

What it is: When users claim ENA tokens from airdrops that haven’t fully vested, they must lock up 50% of those tokens in staking or restaking pools to avoid losing them.

Why it matters: This change is somewhat positive for ENA because it helps reduce selling pressure from short-term holders. However, some users may resist the lockup requirement, which could cause friction. (Source)

3. sUSDe HyperEVM Launch (September 25, 2025)

What it is: sUSDe, a version of USDe that earns fixed yields, launched on Pendle’s HyperEVM platform with a $100 million cap on total deposits.

Why it matters: This is good news for ENA because growing use of sUSDe in yield markets supports Ethena’s ecosystem and increases demand for governance participation. (Source)

Conclusion

Ethena’s recent updates focus on strengthening security through restaking, aligning stakeholders with vesting locks, and innovating yield options with the HyperEVM launch. These steps aim to make USDe a stronger player in DeFi while supporting ENA’s value tied to the protocol’s growth. The key question remains: will LayerZero’s adoption and demand for fixed yields balance out any volatility caused by token unlocks?