The ENA token from Ethena has shown impressive growth, reaching $0.7351 with more than a 12% increase within a single day. Key factors for this rise include a token buyback initiative and growing market activity.
Reasons for ENA Growth
The sharp rise in the ENA token is linked to the buyback plan from its treasury arm, StablecoinX, which has already executed $150 million of a projected $260 million plan since July 21. This has resulted in a 3.5% reduction in the ENA supply.
Trading Volume Dynamics
Trading volume has also increased significantly, with a 140% jump in one day pushing it to $1.46 billion at the start of trading hours. Currently, trading activity has decreased to 56.59%, equating to $1.3 billion, according to CoinMarketCap.
StablecoinX Funding
StablecoinX has secured $530 million in funding, bringing the total PIPE financing to $895 million. This could enable the acquisition of over 3 billion ENA tokens once the deal is finalized.
The ENA token from Ethena continues to show strong results amid positive news, and its growth potential may persist due to increased market activity and new investments.
