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Ethena’s price surged 10 percent to $1.20, defying the crypto market crash. Whale accumulation and a high-profile partnership with Donald Trump’s World Liberty Financial have driven the token’s rally, signaling bullish momentum for the growing ecosystem.
Ethena Defies Market Downturn with a 10% Surge
Earlier today, Ethena's price jumped 10% to $1.20, while its daily trading volume jumped 174%, crossing $1 billion, despite the wider crypto market fall.
A 20% increase to $700 million in open interest, according to Coinglass statistics, indicates that traders are still positive on the altcoin. In response to the robust demand for the USDe, ENA has seen its gains on the monthly chart extend above 100%.
Notable transactions and wallet transfers involving ENA tokens have been reported by Spot On Chain.
Whale Accumulation Fuels Ethena’s Market Surge
World Liberty Financial, an affiliate of Donald Trump, just spent $250,000 USDC to purchase 231,726 ENA tokens, just twenty minutes after the relationship with Ethena Labs was announced. With an unrealized gain of $33,900, their entire holdings now amount to 741,681 ENA, bought at an average price of approximately $1.001.
Also, there has been a lot of whale activity. Just 20 hours after its creation, a wallet holding 5.29 million ENA tokens, valued at $5.92 million, was removed from Binance at an average price of $1.12. The accumulation happened while the token's price dropped, which means that people were buying strategically despite the market swings, according to Spot On Chain.
Trump Partnership Powers Ethena’s USDe Growth
Ethena Labs and World Liberty Financial, Donald Trump's cryptocurrency initiative, have officially declared their alliance. Through this collaboration, they aim to boost USDe liquidity and user incentives across all of WLFI's DeFi platforms.
The statement notes that WLFI's upcoming Aave-based lending and borrowing platform would include Ethena's sUSDe synthetic dollar as a primary collateral asset. This is one of the main reasons why the Ethena Price has been rising recently.
The USDe synthetic dollar from Ethena has been in high demand as of late. Its market cap jumped over $6 billion in the past month, an increase of roughly 100%. Consequently, USDe has surpassed stablecoins like DAI to become the third largest stablecoin due to its tremendous growth.
Analysts Set High Targets for Ethena Amid Ecosystem Expansion
The Ethena pricing has been strongly rejected at $1.2 for the past many weeks. Despite the bulls' best efforts, the price was unable to break out above this level. Therefore, the continuation of the rally depends on bulls successfully driving the price over this resistance, Coingape explains.
Crypto market analysts, however, are projecting substantially higher price targets for the altcoin—$10 and beyond—in light of the expansion of its ecosystem. According to market researcher CryptoELITES, ENA's remarkable growth is just the start. The expert has set lofty price expectations for the commodity, predicting that it will reach $5, $10, and $20 soon.
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