BTC7338

08/11 10:12

ENA price jumps 40% in 7 days as Ethena’s TVL cros

ENA price jumps 40% in 7 days as Ethena’s TVL crosses $10B for the first time.

USDe becomes the 3rd largest stablecoin after the U.S. policy shift.

Whale accumulation and $5M daily buybacks fuel bullish momentum.

Ethena price has staged a strong 40.03% rally this week, and 11.59% in the last 24 hours, trading at $0.8406. The moonish surge aligns with Ethena’s TVL hitting a record $10 billion, alongside a major milestone for its synthetic dollar, USDe. Which recently became the 3rd largest stablecoin by market capitalization. 

Successively, $5M daily ENA buybacks are reducing circulating supply, creating scarcity. Plus, whale addresses holding 100k-1M ENA grew 12% in July, now controlling ~30% of supply. Wondering where the ENA price could head next? Join me as I decode the same in this analysis.

On-Chain Analysis

Ethena’s TVL has reached an all-time high, surpassing $10B as of August 9, 2025, according to Messari. This marks a significant influx of capital into the protocol, reflecting growing investor confidence and adoption of its DeFi products. The TVL rise has tracked closely with ENA’s price recovery from multi-month lows, suggesting that capital inflows may be leading price action. 

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