Investing.com - Ethena (ENA) price has risen 10% over the past 24 hours to $1.2, defying broad declines in the .
The surge was driven by increased whale activity on ENA and a recent collaboration with Donald Trump’s World Liberty Financial project. Last week saw a massive surge in demand for Ethena’s USDe, with its market cap surpassing $6 billion.
The currency has fallen slightly on profit-taking and is now trading at $1.13, up 2.34% after closing up more than 5% yesterday. The currency had gained 10% before paring its gains.
Ethena's price rises thanks to partnership with Donald Trump's project
Despite the declines in the cryptocurrency market, Ethena’s price rose 10% to $1.20 in today’s trading, with daily trading volume surging 174% to surpass the $1 billion mark. Coinglass data showed open interest jumping 20% to $700 million, suggesting traders remain bullish on the coin.
Spot On Chain also reported heavy activity on ENA tokens, with significant purchases and wallet movements. According to the reports, Donald Trump’s World Liberty Financial purchased 231,726 ENA tokens for 250,000 USDC, bringing its total holdings to 741,681 tokens at an average price of $1.011, earning it an unrealized profit of $33,900.
Reports also revealed significant whale buying. A new wallet created just 20 hours ago withdrew 5.29 million ENA tokens from Binance at an average price of $1.12, for a total value of $5.92 million. This suggests targeted buying strategies during market volatility.
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Ethena Labs has officially announced its partnership with Donald Trump’s World Liberty Financial project, aiming to improve USDe liquidity and increase user rewards on WLFI’s DeFi platforms. A governance proposal has also been submitted to integrate the synthetic token sUSDe as the underlying collateral asset on WLFI’s new Aave-based lending and borrowing platform. This announcement is among the major factors contributing to Ethena’s price surge today.
Strong demand for USDe
Athena’s USDe, a synthetic currency, has seen strong demand recently, with its market cap rising nearly 100% over the past month to over $6 billion. As a result, USDe has become the third-largest stablecoin, outperforming coins like DAI.
ENA Price Future Predictions
Despite its attempts to break the $1.2 resistance level over the past few weeks, Ethena price has failed to maintain its momentum. However, analysts suggest that the growth of the Ethena ecosystem could push the coin’s price to ambitious targets.
Analyst "CryptoELITES" expects that this is just the beginning of the currency's growth, expecting it to reach levels of $5, $10, and $20 in the near future.
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