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

Ethena price remains on strong bullish momentum as its synthetic dollar USDe doubles its market in a month amid strong market demand.
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Ethena Price Jumps 4.54% as USDe Market Cap Hits $6B

Highlights

  • Ethena price has jumped 4.54% eyeing its next milestone to new ATH above $1.5.
  • USDe, Ethena's synthetic dollar, has seen its market cap soar by 140% since October.
  • Prominent players like World Liberty Financial and BitMEX founder Arthur Hayes are accumulating ENA.

Ethena price is seeing a sharp bounce back jumping 4.54% in the last 24 hours all the way to $1.22 with its market cap soaring all the way to $3.57 billion. ENA eyes new all-time high above $1.5 as its synthetic dollar USDe hits $6 billion in market cap. Built on the Ethereum network, USDe, which functions similarly to other stablecoins has been quickly gaining market share this year.

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Ethena Price Eyes New All-Time High Amid USDe Dominance

ENA is gaining investor attention as its USDe synthetical dollar continues to gain massive traction. On the monthly chart, Ethena’s USDe has seen its market cap soaring by nearly double and moving closer to $6 billion.

Ethena’s USDe stablecoin is on the rise, nearing a total supply of $6 billion—marking an impressive 140% increase since its October lows. Despite this rapid growth, Ethena’s synthetic dollar currently accounts for just 2.83% of the stablecoin market, leaving it well behind industry leaders like USDC and USDT. However, the growth trajectory highlights significant potential for Ethena’s stablecoin to capture a larger market share in the future.

Built on Ethereum, Ethena is a synthetic dollar protocol that offers a crypto-native alternative to traditional banking infrastructure. Ethena’s synthetic dollar, USDe, aims to be the first censorship-resistant, scalable, and stable crypto-native solution for money. Top crypto derivatives exchange Deribit has also announced the integration of USDe as margin collateral.

Following the strong demand for its synthetic dollar, the Ethena price has surged amid strong buying interest and is up 122% on the monthly chart. As per the Coinglass data, the open interest has surged to $712 million with the 24-hour liquidations soaring to $6.69 million.

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Donald Trump Crypto Project But 500M ENA

Donald Trump’s crypto venture, World Liberty Financial, has been aggressively purchasing cryptocurrencies throughout December, with its total expenditure approaching $45 million. As per the latest data from LookonChain, World Liberty Financial invested a total of $500K purchasing half a million ENA coins just under $1.0.

Other big players like BitMEX founder Arthur Hayes have also been on ENA accumulation recently and are sitting on healthy profits at the moment. Amid today’s surge, Ethena price has given a breakout from its previous resistance of $1.2 and is eyeing for the next rally to $1.5.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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