From Fad to Fortune? ENA Rockets 27%—But Is a Further 38% Moonshot on the Cards?

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Key Takeaways

ENA leaps off the digital sofa with a sprightly 27% hop, thanks to a partnership and some very perky analysts. Can buybacks and corporate treasure-chests keep the party going, or will everyone just go home early for a sad microwaved lasagna?

Ethena [ENA] decided it was done sulking and whipped out a 27% rally during trading on July 25th, all because analysts suddenly remembered it existed and started showering it with optimism like Aunt Mabel after three sherries at Christmas. 

The secret sauce? Apparently, there’s a “stablecoin narrative” (whatever that is this week) and some corporate treasuries allegedly peeking over their glasses at ENA, making venture capitalists slightly less clingy, according to Ryan Watkins, who—as a co-founder of Syncracy Capital—presumably knows his way around a buzzword or two. 

“$ENA offers one of the only pure-play exposures to stablecoins and tokenisation… Bonus is VC supply overhang now practically neutralized.”

38% Further Up? Or Will ENA Just Have a Lie-Down?

Ethena is the proud parent of the USDe stablecoin (collateralized by crypto—brave, some might say reckless) and also USDtb, apparently backed by U.S. treasury bills via BlackRock’s BUIDL. Because if you can’t dazzle them with crypto, distract them with something that sounds like legitimate finance. 

Crypto influencer Ansem has also joined the choir, announcing ENA’s breakout and buyback program as if he’s discovered fire.

According to the daily chart (the one that mostly looks like an overcaffeinated seismograph), $0.45 became the new “line in the sand”—and bam! Up she hurtled 27% to $0.60. If all these bullish ingredients actually come together—unlike my infamous “keto brownies”—the next leap could put ENA at $0.81. That’s a 38% snack for those keeping score at home. 🍿

However, Sam from Messari (who—let’s face it—probably sleeps in spreadsheets) warns that none of this will matter unless “TradFi” gets involved. Because nothing says crypto revolution like begging Wall Street to the table.

Right now, only StablecoinX has turned up as a treasury buyer, so we’re all waiting on tenterhooks (or possibly TenterhooksCoin) for the rest of the financial world to RSVP. 

Anchorage Digital also winked at Ethena’s USDtb, calling it the “first GENIUS-compliant” stablecoin. Not sure if that means the others are “uniquely gifted” or actually just failing maths, but hey! Confidence is everything. 

So, Is ENA Living in a Mansion or a Bedsit?

Of course, nothing gold can stay, and opportunists immediately chose this moment to cash in their chips. Around 124 million ENA tokens have buggered off to exchanges to be sold, threatening to bring on the hangover (or at least a “gentle correction,” as market masochists prefer to say). 

Meanwhile, the Network Value to Transactions Ratio (NVT—fancy!) is suggesting ENA is still affordable enough that even your nan might take a flutter. Higher NVT means it’s overhyped, but—miraculously—it isn’t yet, as of the last panicked press refresh. 

In conclusion: ENA’s dramatic breakout, turbocharged by buybacks and the distant hope of more corporate treasuries joining the fun, could send it yet further into space. Or not! As always, depends on whether the broader market mood swings from bullish to “staying in bed with ice cream and old rom-coms.”🤞🕵️‍♂️🚀

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2025-07-27 04:12