Ethena Crypto Soars Amid Support from Trump-led Organization

Ethena’s ENA token made waves, surpassing Tether with a $24.3M in daily fees. The latest acquisition by World Liberty Finance adds to Ethena crypto’s growing influence in DeF.

Ethena price showed strong price performance, currently trading at $1.16, reflecting a 14.73% increase in the past 24 hours.

The market cap reached $3.42 billion, marking a 13.73% rise, while the 24-hour trading volume has surged by an impressive 138.41%, totaling $1.06 billion.

Over the last day, the price fluctuated between a low of $1.00 and a high of $1.23. Despite recent gains, Ethena (ENA) price remained 23.77% below its ATH of $1.52, which was recorded in April 2024.

World Liberty Financial, linked to Trump, Acquired ENA in Major Crypto Move

At an average price of $0.981, World Liberty Finance spent 500,013 USDC to buy 509,955 ENA tokens. This was a sign of institutional interest in the crypto market.

In recent activity, the fund has invested $44.41 million in five different crypto assets based on its current investment strategy.

Its latest acquisition was a part of a broader trend of big investment in cryptos and tokens with the big potential of a market.

Questions were being raised about whether the firm is hedging against traditional market volatility or whether it believes there are opportunities to be made in blockchain technology.

Starting November 30, World Liberty Financial has been systematically acquiring several digital assets, including using the Cow Protocol for frequent swaps.

The swaps during this period involve amounts of 33.7K – 250K ENA tokens, which shows that they are a product of a prepared accumulation. These transactions have been pretty consistent, showing a very long-term approach to its crypto exposure buildup.

With a 24-hour Trajectory of $24.3m, ENA has Surpassed Tether for the Highest 24-Hour Fees

The ENA token from Ethena has since replaced Tether in 24-hour fee generation, raking in $24.32 million. However, Tether, who dominates the stablecoin market, pulled in $17.83 million in fees, good enough for second place.

ENA fees surge are yet another highlight of Ethena’s surge into the cryptocurrency ecosystem.

With this impressive fee generation, ENA is ahead of bigger platforms like Ethereum $9.96 million, and Solana $4.99 million. Mainly because of the growing demand for ENA’s Basis Trading platform, which became very popular.

Ethena’s progress was keen to challenge established players in the crypto market. This fact further underlined ENA’s increasing role in the industry, outstripping Tether and other major platforms.

This growth helped by the company’s innovative financial tools like Basis Trading, its USD-backed stablecoin. ENA sits on the brink of becoming another key player in the world of decentralized finance (DeFi), as more institutions join the market.

Maker Levels Match Ethena (ENA) Crypto Revenue

In fact, Ethena crypto hit a major milestone, becoming one of the top DeFi platforms by generating $24 Million in daily fees.

Now, the company’s daily revenue of $3.19 Million matches that of MakerDAO, a major name in the industry. This marks Ethena’s signal that it’s strong in the market and can rake in big revenue.

Both Basis Trading platform and the growth of USD-backed stablecoin USDe are the reasons for Ethena’s success. It quickly gained steam and is now the third largest in circulation, with a supply of $5.8 billion in a stablecoin.

This step change in adoption drove Ethena’s growing footprint within the crypto and RWA space.

The platform’s performance puts it among the top performing platforms, alongside the likes of Ethereum and MakerDAO which generated $6.1 million and $3.19 million, respectively.

Ethena was able to break out into a key niche despite established players and has raised serious attention from retail and institutional investors. This revenue generation solidifies Ethena for growth in the DeFi market.

The ENA funding rate has been incredibly volatile, ranging between +0.06% and -0.12%, with some spikes and whipsaws early in October and mid-November.

The changes in the funding rate are close to the changes in the ENA price, establishing a corresponding relationship between market sentiment and price corrections.

The market hit a high of $1.33 early in December after a positive funding rate period before it fell back as the funding rate turned negative, as well as showing vulnerability to investor sentiment and broader market conditions.

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