The price of Ethena token reached a new high after World Liberty Financial acquired over half a million ENA tokens. This purchase increased Ethena's market capitalization and strengthened its position in the market.
World Liberty Financial's Token Purchase
The Ethena token rose to $1.20, its highest level since April, and is 525% above its lowest level this year. This growth is driven by World Liberty Financial's purchase of 509,955 ENA tokens valued at over $589,000. World Liberty Financial also owns Ethereum, CBBTC, Tether, USD Coin, Chainlink, and AAVE.
Increase in Total Value Locked in Ethena's Ecosystem
Growth is also linked to an increase in the total value locked in Ethena's ecosystem, which, according to DeFi Llama, reached $5.84 billion. This made USDe the third-largest stablecoin after Tether and USDC. Its valuation has increased by more than 83% in the last 30 days.
Ethena Price Analysis
In recent months, ENA price has been in a strong bullish trend, rising from $0.20 in September to $1.20. The coin remains above the 50-day and 25-day exponential moving averages. It also forms a characteristic 'cup and handle' pattern, with the upper side at $1.5210.
Ethena has shown significant growth amid World Liberty Financial's purchase and an increase in locked funds in its ecosystem. Despite concerns about USDe, the ENA token continues to perform positively in the market.
