Ethena price rose for two consecutive days as whales continued buying, and exchange balances dipped to their lowest point in months as USDe demonstrates ongoing stability.
Summary
- Ethena price has rebounded from the lowest point this month.
- The USDe stablecoin has maintained its peg this week.
- Whales and public figure investors have continued to accumulate.
Ethena (ENA) token rose to $0.4700, up by 210% from its lowest level this month. This rebound has brought its market cap to over $3.2 billion.
ENA price has rebounded after the USDe stablecoin maintained its peg, a week after it briefly dropped below $1 amid the crypto market crash.
The coin regained its peg after the developers shared data showing that it was overcollateralized. According to its website, USDe has a total supply of $12.18 billion against total reserves of $12.25 billion. These reserves are in the form of Bitcoin (BTC), Ethereum (ETH), and other liquid stablecoins.
ENA token also jumped after the latest partnership between Ethena and Conduit, a platform that powers 55% of chains on Ethereum. This partnership means that developers using Conduit now have access to Ethena’s infrastructure to build their own stablecoins.
Ethena price has also rebounded, as on-chain data shows that whales have continued buying it. These investors now hold 46.6 million ENA tokens, up from 41.6 million on Oct. 1. Soaring whale holdings is usually a sign that experts expect the price to continue rising.
Investors like Arthur Hayes and Kain Warwick now hold 66.9 million coins, a 600% increase from the same period last month.
The ongoing accumulation has likely contributed to the plunging ENA tokens on exchanges. There are now 4.58 billion ENA tokens on exchanges, down from 4.94 billion on Oc
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Author: Crispus Nyaga
