Ethena’s USDe Hits $9.3B as ENA Gains 12% and Targets Further Upside

Ethena’s synthetic dollar USDe has captured significant market attention this month, with its market capitalization surging 75% over the past 30 days. The stablecoin reached a new all-time high of $9.3 billion in market cap, including a notable 24% increase in just the past week alone.

The protocol’s native token ENA is showing signs of recovery alongside USDe’s impressive growth. Over the last 24 hours, ENA climbed nearly 12.65%, even as the token experienced an 8.96% decline on a weekly basis. Currently trading at $0.6259, ENA maintains a market capitalization of $3.99 billion with trading volume reaching $1.14 billion—a 29.08% increase during the same timeframe.

Technical Analysis Suggests Bullish Momentum

Market observers are taking note of ENA’s recent chart patterns, with crypto analyst CryptoBull_360 expressing measured optimism about the token’s trajectory. ENA has been consolidating within a specific range but is now pushing above the 200-day EMA level around $0.57, which has served as solid support. The formation of higher lows indicates buyers are becoming more active, potentially setting the stage for continued upward movement.

$ENA | Ethena TVL just Pumped like Crazy hitting an ATH of $9.41 B.

I am so Bullish on $ENA 🔥 pic.twitter.com/bgq6r0UdMG

— CryptoED (@Crypto_ED7) August 3, 2025

Technical analysts believe that maintaining levels above the $0.6500–$0.6700 range could provide sufficient momentum for ENA to target $0.78, representing more than 25% upside potential from current trading levels.

Trading Activity Shows Increased Interest

Market participation around ENA has intensified considerably in recent sessions. Daily trading volume jumped 49.46% to $3.64 billion, while open interest expanded 13.41% to $1.15 billion. These metrics indicate growing trader engagement and heightened interest in the token’s price action.

Despite the positive volume trends, the OI-weighted metric declined slightly to -0.0195%, suggesting some market participants may be exercising caution. This could reflect profit-taking behavior or positioning adjustments following the recent price rally.

The combination of USDe’s continued capital inflows and ENA’s technical recovery has positioned Ethena’s ecosystem for potential further growth. Market watchers will be monitoring whether this momentum can sustain and drive the protocol to new heights in the weeks ahead.

Broader Market Implications

The strong performance of both USDe and ENA reflects growing institutional and retail confidence in synthetic dollar protocols within the DeFi space. This momentum could signal broader acceptance of alternative stablecoin mechanisms and potentially influence similar projects in the ecosystem.