In a month, the market value of the synthetic dollar USDe has doubled, and the price of Ethena remains on a strong bullish trajectory.
The price of Ethena has experienced a significant rebound, increasing by 4.54% in the past 24 hours to reach $1.22. Its market capitalization has also increased to $3.57 billion. ENA strives to achieve a new all-time high above $1.5 as its synthetic dollar USDe surpasses $6 billion in market capitalization. USDe, which functions similarly to other stablecoins, has rapidly gained market share this year. It is built on the Ethereum network.
Amid USDe Dominance, Ethena Price Looks to Reach New All-Time High
Investors are increasingly interested in ENA’s USDe synthetic dollar, which is gaining significant momentum. The market capitalization of Ethena’s USDe has increased by nearly twofold and is now approaching $6 billion on the monthly chart.
The total supply of Ethena’s USDe stablecoin is approaching $6 billion, representing a remarkable 140% increase from its October lows. Ethena’s synthetic dollar currently occupies only 2.83% of the stablecoin market, despite its rapid expansion, a significant distance from industry leaders such as USDC and USDT. Nevertheless, the growth trajectory underscores the substantial potential for Ethena’s stablecoin to acquire a larger market share in the future.
Ethena is a synthetic dollar protocol based on Ethereum and provides a crypto-native alternative to conventional banking infrastructure. USDe, Ethena’s synthetic dollar, is designed to be the first crypto-native solution for money that is stable, scalable, and resistant to censorship. Deribit, the premier cryptocurrency derivatives exchange, has also disclosed the integration of USDe as margin collateral.
The Ethena price has experienced a significant increase of 122% on the monthly chart due to the robust demand for its synthetic dollar. The open interest has increased to $712 million, as indicated by the Coinglass data, and the 24-hour liquidations have risen to $6.69 million.
But 500 million ENA for Donald Trump’s Crypto Project
Throughout December, Donald Trump’s crypto venture, World Liberty Financial, has been purchasing cryptocurrencies rapidly, with a total expenditure of nearly $45 million. World Liberty Financial invested $500K in buying half a million ENA coins at just under $1.0, according to the most recent data from LookonChain.
Arthur Hayes, the founder of BitMEX, and other prominent figures have also been accumulating ENA in recent months and are currently sitting on substantial profits. Amid today’s surge, the Ethena price has broken through its previous resistance of $1.2 and is now anticipating the next rally to $1.5.
