Ethena's stablecoin, USDe, has shown impressive growth, setting new records on the market. We analyze how this will affect the price of ENA.
Rapid Growth of USDe
In the past month, USDe has climbed to become the third-largest stablecoin on Ethereum, trailing only behind USDT and USDC. Its supply has increased by 75%, indicating growing demand among users.
Impact of USDe on ENA Price
With the rise of USDe, the value of ENA is increasing as it is the native currency of the Ethena ecosystem. The recent 15% price jump in ENA reflects this growing demand. The current level at $0.61 confirms traders' confidence in further growth.
Short-term Expectations
However, around 250 million ENA tokens have been sent to exchanges, which may signal potential sell pressure. This creates uncertainty in the market even as the fundamental data remains positive.
The growth of USDe creates a long-term positive outlook for Ethena price, but the short-term token flows to exchanges may complicate the situation. The coming days will determine whether current trends will persist or if volatility awaits.
