Particle.news
Download on the App Store
7 ARTICLES
·
2w ago

Ethena Token Climbs to $0.85 on Whale Accumulation and Buyback-Driven Supply Squeeze

Derivatives open interest is elevated with token unlock inflows raising fears of a sharp reversal

Ethena crypto price prediction – Can ENA breach $1 without whale support?
ENA

Overview

  • ENA surged to an intraday high near $0.85 on August 11, pushing its market cap to about $5.4 billion after its multi-week rally approached 150% gains.
  • USDe supply surpassed $10 billion, cementing its place among the top stablecoins and reflecting sustained demand for Ethena’s synthetic dollar.
  • Whale wallets have increased ENA holdings by roughly 30% while a reported $260 million buyback program by StablecoinX has removed about 8% of circulating tokens.
  • Technical indicators, including a golden cross formation on the daily chart and a positive MACD, coincided with a $244 million jump in perpetuals open interest to approximately $1.3 billion.
  • Concentrated rehypothecation of backing assets on lending platforms and recent exchange inflows from token unlocks have heightened systemic liquidity and short-term reversal risks.