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Ethena price is seeing a sharp bounce back jumping 4.54% in the last 24 hours all the way to $1.22 with its market cap soaring all the way to $3.57 billion. ENA eyes new all-time high above $1.5 as its synthetic dollar USDe hits $6 billion in market cap. Built on the Ethereum network, USDe, which functions similarly to other stablecoins has been quickly gaining market share this year.
Ethena Price Eyes New All-Time High Amid USDe Dominance
ENA is gaining investor attention as its USDe synthetical dollar continues to gain massive traction. On the monthly chart, Ethena’s USDe has seen its market cap soaring by nearly double and moving closer to $6 billion.
Ethena’s USDe stablecoin is on the rise, nearing a total supply of $6 billion—marking an impressive 140% increase since its October lows. Despite this rapid growth, Ethena’s synthetic dollar currently accounts for just 2.83% of the stablecoin market, leaving it well behind industry leaders like USDC and USDT. However, the growth trajectory highlights significant potential for Ethena’s stablecoin to capture a larger market share in the future.
Built on Ethereum, Ethena is a synthetic dollar protocol that offers a crypto-native alternative to traditional banking infrastructure. Ethena’s synthetic dollar, USDe, aims to be the first censorship-resistant, scalable, and stable crypto-native solution for money. Top crypto derivatives exchange Deribit has also announced the integration of USDe as margin collateral.
Following the strong demand for its synthetic dollar, the Ethena price has surged amid strong buying interest and is up 122% on the monthly chart. As per the Coinglass data, the open interest has surged to $712 million with the 24-hour liquidations soaring to $6.69 million.
Donald Trump Crypto Project But 500M ENA
Donald Trump’s crypto venture, World Liberty Financial, has been aggressively purchasing cryptocurrencies throughout December, with its total expenditure approaching $45 million. As per the latest data from LookonChain, World Liberty Financial invested a total of $500K purchasing half a million ENA coins just under $1.0.
Trump's World Liberty(@worldlibertyfi) spent 250K $USDC to buy 134,216 $ONDO 2 hours ago.
Since Nov 30, #WorldLiberty has spent:
30M $USDC to buy 8,105 $ETH at $3,701;
10M $USDC to buy 103 $cbBTC at $97,181;
2M $USDC to buy 78,387 $LINK at $25.5;
2M $USDC to buy 6,137 $AAVE at… pic.twitter.com/0EVPCgMdMW
— Lookonchain (@lookonchain) December 16, 2024
Other big players like BitMEX founder Arthur Hayes have also been on ENA accumulation recently and are sitting on healthy profits at the moment. Amid today’s surge, Ethena price has given a breakout from its previous resistance of $1.2 and is eyeing for the next rally to $1.5.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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