The Ethena (ENA) token continues to show impressive growth, increasing by 22% over the last 24 hours. Key factors contributing to this surge include active whale purchases and new institutional strategies.
Ethena Price Dynamics
At the time of writing, ENA is trading around $0.5847, up 22% in the past day. The token has gained approximately 45% over the week and 118% over the month. According to CoinGecko, daily trading volume has jumped by 58%, positioning the token as the day’s top performer.
Whale Investments
The uptick in price is also linked to whale accumulation. Per Lookonchain data, former BitMEX CEO Arthur Hayes purchased about 2.16 million ENA, valued at approximately $1.03 million. Hayes currently holds 7.76 million ENA tokens, worth around $3.73 million, adding to the broader trend of accumulation among major holders.
Institutional Strategies and Liquidity Growth
StablecoinX, a newly listed firm on Nasdaq, has started executing its ENA-related treasury strategy, buying $5 million worth of tokens daily for the next six weeks. This is part of a broader $260 million allocation aimed to reduce nearly 8% of ENA’s circulating supply by the end of the program. With these investments and total value locked (TVL) in Ethena climbing above $7.19 billion, the overall sentiment around the token is becoming more bullish.
Thus, the Ethena (ENA) token continues to gain traction among large investors and institutional strategies, leading to positive price dynamics and increasing market liquidity.
