ENA (Ethena) fell 6.85% in the last 24 hours.

Gate News Bot reported on November 4th, according to CoinMarketCap data, that ENA (Ethena) is currently priced at $0.34, down 6.85% in the last 24 hours, with a high of $0.50 and a low of $0.33. The current market capitalization is approximately $2.409 billion, a decrease of $177 million compared to yesterday.

Ethena is an internet economy platform focused on digital dollars. The project offers two products, USDe and sUSDe, with an annual yield of 19% for sUSDe. Ethena is currently live on 24 chains and provides resources such as a transparency dashboard and documentation. Users can participate in USDe-related activities through the Ethena application.

Important news about ENA recently:

1️⃣ USDe market share contraction The USDe stablecoin issued by Ethena has seen a decrease of 11.55% over the past week, which is significantly higher than the overall stablecoin market's decline of 0.45%. The contraction of USDe's market share may reflect short-term fluctuations in investor confidence in the Ethena ecosystem, which in turn has had a negative impact on the price of ENA token.

2️⃣ Continuous price fall trend The price of the ENA token has continued to show a downward trend over the past week. On October 29, ENA experienced a single-day fall of 5.80%, with a market capitalization of approximately $3.326 billion. In contrast, the quote on November 4 indicated a further decline for ENA, with the market capitalization dropping to $2.409 billion, reflecting a short-term adjustment in the market's valuation of the project.

3️⃣ The overall stablecoin market is weak The entire stablecoin market showed a slight downward trend over the past week, with market capitalization decreasing by 0.45%. As a major platform providing digital dollar services, Ethena's performance is closely related to the overall stablecoin market trend. The slight weakening of market demand for stablecoins may have a chain reaction on ENA's price performance.

From a technical perspective, the ENA price has fallen below several previous support levels and may face further adjustment risks in the short term. However, considering Ethena's innovative positioning in the digital dollar services sector and its multi-chain layout strategy, the long-term development prospects still require ongoing attention. Investors should closely monitor the project's fundamental developments, user adoption, and the overall trends in the stablecoin market to manage risks accordingly.

This message should not be considered as investment advice, and investors should be aware of market volatility risks.