Stock Prices Accelerate: Ethena Price Jumps 15% in a Day - Unraveling the Mystery
Ethena's ENA token has experienced a significant surge, climbing over 12% in a day and trading near $0.7351. This upward trend is attributed to a buyback plan from StablecoinX, which has removed nearly 3.5% of ENA's supply from circulation.
According to CoinMarketCap, the current trading volume for ENA stands at $1.3 billion, marking a spike of 140% during earlier trading hours. The sharp surge has also pushed the market capitalization of ENA above the $5.2 billion mark.
StablecoinX, a prominent player in the cryptocurrency market, recently announced a larger $570 million buyback program. This program has already reduced the overall supply of ENA by 13%. However, the mastermind behind this buyback plan and the total amount of money invested in it remain undisclosed.
The buyback programs have created a scarcity of ENA tokens, which is believed to be boosting the price. In addition, data from Santiment shows that whales holding more than $5 million of ENA's stablecoin have increased their share by 3% in the past two weeks.
Weekly gains for ENA have exceeded 12%, further fuelling the optimism among investors. This surge follows a major breakout in June 2025, resulting in a 170% surge from $0.305 to $0.852.
However, Ethena is stepping back from the European Union market due to strict MiCA rules. This decision might have an impact on the token's performance in the long run.
On a positive note, Ethena's USDtb stablecoin has become one of the first compliant synthetic dollars under the U.S. GENIUS Act. This regulatory win adds to Ethena's credibility in the market.
Furthermore, Fonte Capital has launched the first Solana ETF with staking on AIX. This development could potentially attract more institutional investors to the Solana ecosystem, benefiting ENA indirectly.
The trading activity has decreased at the time of the report, with a volume of $1.3 billion. It remains to be seen how the market will react in the coming days as more details about StablecoinX's buyback plan emerge.
In conclusion, Ethena's ENA token has been on a rollercoaster ride, but the recent surge suggests a positive outlook for the near future. Investors will be closely watching the developments surrounding StablecoinX's buyback plan and the regulatory landscape to gauge the token's potential performance.
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