Ethena Price Jumps 4.54% as USDe Market Cap Hits $6B

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As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself consistently intrigued by the rapid growth and development of projects like Ethena. The recent surge in ENA price, coupled with the impressive rise of its USDe stablecoin, is a testament to the potential it holds.

In just the past 24 hours, the price of Ethena (ETHA) has significantly rebounded, surging by 4.54% to reach $1.22. This increase has also propelled its market capitalization to an impressive $3.57 billion. The digital currency is now aiming for a new record high above $1.5. Meanwhile, the market cap of its synthetic dollar, USDe, has reached an astonishing $6 billion. Launched on the Ethereum network, USDe operates in a manner similar to other stablecoins and has rapidly grown in popularity this year.

Ethena Price Eyes New All-Time High Amid USDe Dominance

Investors are increasingly focusing on ENA due to the growing popularity of its synthetic USD (USDe). The USDe from Ethena has experienced a significant surge, nearly doubling its market capitalization and approaching $6 billion on a monthly chart.

The value of Ethena’s USDe stablecoin is rapidly increasing, approaching a total supply of $6 billion – this represents a strong 140% increase since its October lows. Although it currently only holds 2.83% of the stablecoin market, with industry leaders like USDC and USDT far ahead, Ethena’s steady growth suggests that its stablecoin could potentially dominate a larger portion of the market in the future.

Based on Ethereum, Ethena presents a synthetic dollar system that offers a digital banking substitute within the cryptocurrency realm. The synthetic dollar offered by Ethena, USDe, strives to be the initial censorship-resistant, scalable, and stable crypto-based solution for handling money. Moreover, the leading crypto derivatives exchange Deribit has revealed plans to incorporate USDe as a margin collateral option.

Due to high demand for its artificial dollar, Ethena’s value has increased significantly, boosted by heavy buying activity. The price jump amounts to a staggering 122% on a monthly scale, as indicated by Coinglass data. Furthermore, the open interest has skyrocketed to an impressive $712 million, while 24-hour liquidations reached a significant high of $6.69 million.

Donald Trump Crypto Project But 500M ENA

Donald Trump’s crypto project, World Liberty Financial, has been actively buying cryptocurrencies throughout December, with investments nearing $45 million in total. According to recent data from LookonChain, World Liberty Financial recently spent $500,000 on purchasing approximately half a million ENA coins, which are worth around $1 million.

Trump’s World Liberty(@worldlibertyfi) spent 250K $USDC to buy 134,216 $ONDO 2 hours ago.

Since Nov 30, #WorldLiberty has spent:

30 million USD Coin (USDC) is being used to purchase 8,105 Ether (ETH) priced at approximately 3,701 US dollars each.

— Lookonchain (@lookonchain) December 16, 2024

Key players such as Arthur Hayes, founder of BitMEX, have recently been buying Ethena (ENA) and are currently enjoying substantial returns. With today’s upward trend, Ethena has managed to break through its previous resistance at $1.2 and is now aiming for the next increase towards $1.5.

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2024-12-16 17:03