ENA (Ethena) down 2.19% in the last 24 hours

Gate News Bot Report, November 7th, according to CoinMarketCap data, ENA (Ethena) is currently priced at $0.31, down 2.19% in the past 24 hours. The highest price reached was $0.40, and the lowest dropped to $0.30. The current market capitalization is approximately $2.333 billion, a decrease of $52.182 million from yesterday.

Ethena is a project focused on providing digital dollars for the internet economy. Its main product, USDe, offers an annualized yield of 5%, with a current supply of 8.73 billion. Ethena also provides transparency measures such as real-time asset backing information, weekly reserve proofs, and monthly custodian attestations. The project has established partnerships with well-known platforms like Aave and Binance, aiming to give global users instant access to dollar savings accounts.

Recent important news about ENA:

1️⃣ Support from Major Trading Platforms

Robinhood launched ENA trading on November 6th, which is expected to enhance ENA’s liquidity and market exposure. As a highly regarded investment platform, Robinhood’s support could attract new investors, potentially impacting trading volume and price performance.

2️⃣ Large Fund Movements Draw Attention

On November 7th, an address suspected to be associated with digital asset service provider Flowdesk withdrew 4 million ENA tokens from an exchange, worth approximately $1.29 million. Such a large transfer may indicate strategic adjustments by institutional investors or preparations for significant market trades, warranting close monitoring of subsequent developments.

3️⃣ USDe Market Share Shrinks

Over the past week, Ethena’s USDe stablecoin has decreased by 11.55%, significantly higher than the overall stablecoin market decline of 0.45%. The notable contraction in USDe market share may reflect short-term fluctuations in investor confidence within the Ethena ecosystem, aligning with the downward trend in ENA token prices.

From a technical perspective, ENA’s price has been under continuous pressure, falling from $0.34 on November 4th to the current $0.31, breaking multiple support levels. Considering the overall weakness in the stablecoin market and the shrinking USDe market share, ENA may face further adjustments in the near term. However, the listing on Robinhood could bring new market momentum, and investors should closely watch how this factor influences trading activity and price trends.

This message is not investment advice. Please be aware of market volatility risks.