ENA (ENA) On Ethereum

Social Signals

Social Signals On 2025-09-16

Bullish Signals:

• Ethena Foundation confirms ENA fee switch activation after Risk Committee approval and governance processes.
• Ethena PT market sees 286.7% growth in four months, with $7.45B total size and $5.82B actively deployed in DeFi.

Bearish Signals:

• ENA experienced a significant 'sell-the-news' event after the fee switch announcement, with heavy sell pressure leading to price drops.
• Venture capitalists are using opportunities to offload ENA tokens, creating persistent sell pressure despite buybacks.

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Social Signals On 2025-09-15

Bullish Signals:

• Ethena Labs ecosystem integrates ENA with platforms like Ethereal and Strata, offering unique points mechanisms and rewards for users.
• StablecoinX is raising $530M in PIPE funding, targeting 3B ENA for its balance sheet, signaling institutional interest in ENA.
• Ethena partnered with Binance to integrate USDe ecosystem, potentially expanding ENA's reach and usability.

Bearish Signals:

• Concerns raised about ENA's buyback strategy not matching expectations of $5 million daily, leading to skepticism in community discussions.
• KOLs speculate on potential dips in ENA price to $0.5-$0.6, indicating bearish sentiment among some users.

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Social Signals On 2025-09-14

Bullish Signals:

• ENA has achieved a total value locked (TVL) of $1.81 billion in treasury bills, making it the top-ranked RWA project.
• ENA is involved in strategic investments, including a $300 million purchase by a company to implement its DAT stablecoin governance strategy.

Bearish Signals:

• Concerns arise over ENA's performance as some users suggest a $20 million daily buyback is required for stability.
• CryptoHayes allegedly bullposts ENA while simultaneously dumping, sparking community uncertainty.

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Social Signals On 2025-09-12

Bullish Signals:

• Arthur Hayes, co-founder of BitMEX, purchased nearly $1M worth of ENA, increasing his total holdings to 5.02M ENA valued at approximately $3.91M.
• Ethena's custodial wallet transferred 246M ENA (valued at $196M) to Coinbase Prime, signaling institutional-level activity.
• Ethena achieved all milestones to activate its fee switch, allowing ENA to become a revenue-generating token linked to $500M+ cumulative revenue, with USDe supply reaching $12.4B.
• The first Korea-focused Ethena event on September 24 will feature live Q&A sessions and collaborations with MorphoLabs and PendleFi, providing exposure to ENA's ecosystem.

Bearish Signals:

• Concerns were raised about significant ENA token unlocks, which may lead to increased sell pressure in the market.
• Ethena currently lacks USDe trading pools on Uniswap, potentially limiting its DeFi integration and liquidity options.

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Social Signals On 2025-09-11

Bullish Signals:

• Ethena Labs transferred 246 million ENA (~$196 million) from its custody wallet to Coinbase Prime, with USDe supply at an all-time high and recently listed on Binance.
• BitMEX co-founder Arthur Hayes purchased 578,956 ENA worth $467,700 on Binance and currently holds 5.02 million ENA valued at $3.91 million.
• Ethena Labs proposed USDH integration on Hyperliquid, backed by strategic initiatives, including a fee switch and partnerships with Hyperliquid-native projects.
• ENA's total value locked (TVL) more than doubled since June, while USDe offers an APY of over 6%, despite competing stablecoins offering higher yields.

Bearish Signals:

• Despite significant growth in ENA's TVL and market cap, USDe's APY remains lower than competing stablecoins, posing challenges in attracting liquidity.
• ENA faced sell pressure, with mindshare surging by 106% but narrative hype disconnecting from market reality.

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Social Signals On 2025-08-15

Bullish Signals:

• Arthur Hayes significantly increased his ENA holdings, purchasing 3.1 million ENA tokens worth $248 million over the past five days.
• ENA is attracting attention as the third-largest stablecoin, with a Total Value Locked (TVL) exceeding $10 billion, surpassing many competitors.
• ENA's fee switch activation could boost yields for holders, with potential returns ranging from 4% to 12.81% based on protocol revenue splits.
• ENA tokens are set for their next major unlock on September 2, 2025, releasing approximately 40.63 million tokens valued at $29 million.

Bearish Signals:

• ENA experienced a 9-10% loss over 24 hours, ranking among the top market losers during the period.
• Despite its growing adoption, ENA generates 50% fewer fees and has 2.5 times fewer stablecoin users compared to its competitor, Sky Protocol.
• High volatility and waning trading volume pose risks to ENA's price stability, with critical support levels under threat.
• Concerns arise over ENA's market performance, with liquidated longs exceeding $1.3 million at $0.69 on Binance.

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Social Signals On 2025-08-13

Bullish Signals:

• Ethena has achieved a major milestone by surpassing $10 billion in Total Value Locked (TVL), becoming the sixth DeFi protocol to do so.
• Arthur Hayes has significantly increased his holdings of ENA, investing a total of $11.25 million into ETH ecosystem tokens, making ENA his second-largest asset after ETH.
• ENA is benefiting from the strong performance of Ethereum-based tokens, with increasing attention from investors as part of the ETH ecosystem surge.
• Pendle’s new Boros product, which allows hedging of funding rates, is expected to positively impact ENA’s performance by addressing its funding rate volatility.

Bearish Signals:

• ENA has shown signs of underperformance recently, with price corrections after consistent outperformance over the past weeks.
• ENA’s funding rate volatility remains a concern, with potential declines in yields during market downturns impacting its APY.
• Some traders are pivoting investments away from ENA to other assets like AAVE, reflecting fragility in ENA’s current trade momentum.

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Social Signals On 2025-08-11

Bullish Signals:

• $ENA's USDe stablecoin supply has exceeded $10 billion in market cap within 500 days, faster than USDT and USDC, highlighting Ethena Labs' strategic innovation and DeFi dominance.
• Ethena Labs has collaborated with Aave and Pendle to amplify USDe issuance, achieving a notable milestone of over $10 billion market cap while driving TVL growth across DeFi platforms like Aave and Pendle.

Bearish Signals:

• $ENA experienced a significant drop after a brief rise, indicating weak momentum in its performance.
• Users expressed regret over selling $ENA prematurely and hesitated to repurchase, citing market uncertainties.
• $ENA faced selling pressure due to token unlocks, raising concerns about its stability and investor confidence.

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Social Signals On 2025-08-07

Bullish Signals:

• Ethena's market capitalization surpassed Aave, reaching $4.193 billion, making ENA the 30th-ranked crypto asset by market cap.
• Ethena's Liquid Leverage product attracted over $1.5 billion in funds since launch, with Aave increasing sUSDe and USDe deposit limits to $350 million and $300 million respectively.
• ENA was among the top-performing coins in the 24-hour price gain leaderboard, with a 12% increase alongside other large-cap projects.
• Institutional interest in ENA continues to grow, with significant partnerships and adoption from treasury vehicles and institutional investors.
• Ethena ecosystem offers high APY opportunities, such as 17.56% APY on ENA in collaboration with Penpiexyz_io and Pendle.

Bearish Signals:

• ENA's USDe exposure was fully unwound from $950 million to $0 by SPK due to underperformance.
• Institutional trading volume declined, with ENA among the assets affected as Upbit's daily volume dropped 10% to $1.625 billion.
• The farming season for ENA is predicted to lose its profitability, potentially impacting user engagement in Ethena farming.
• Negative sentiment emerged regarding ENA's unlocks and concerns over its VC backing, with some users warning of potential dumps.
• Shift in institutional focus towards other assets such as SYRUP, reducing ENA's allocation and signaling underperformance.

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Social Signals On 2025-08-04

Bullish Signals:

• Ethena ($ENA) has experienced explosive growth in its Total Value Locked (TVL), doubling to over $9 billion within two weeks. This positions $ENA as a dominant player in the on-chain stablecoin sector, excluding USDT and USDC. The demand for yield and the protocol's aggressive expansion strategy are driving this growth.
• The upcoming $ENA token unlock on August 5 is valued at approximately $105.84 million, representing 2.7% of the circulating supply. Despite concerns about unlock-related volatility, the project has demonstrated resilience, supported by strong fundamentals and investor confidence.
• Ethena ($ENA) is on track to scale its $USDe stablecoin supply to $30–50 billion by aggressively monetizing its ecosystem. The protocol's projected annual revenue could reach $400 million with a 20% take rate, showcasing its potential as one of the largest revenue-generating DeFi platforms.
• Pendle Finance's collaboration with Ethena Labs has propelled Pendle’s TVL to historical highs, with $ENA contributing 48% of Ethena's TVL. This synergy reflects increasing trust in Ethena’s assets and its growing role as a DeFi yield tool leader.
• Ethena’s ongoing buyback program has acquired 83 million $ENA tokens, bolstering market confidence. Additionally, its innovative product pipeline includes yield-bearing stablecoins and the launch of Ethereal perps DEX on Converge chain, which could generate significant revenue and broaden adoption.

Bearish Signals:

• ENA will have a significant token unlock on August 5, releasing 172 million tokens, which accounts for 2.70% of its circulating supply and is valued at approximately $95.8 million. This large unlock may lead to market volatility.
• ENA's circulating market cap is reported at over $4 billion, while its fully diluted valuation is $7 billion, which some users perceive as highly overvalued. Concerns were raised about the project using influencers to promote at high levels to facilitate liquidation during the token unlock.
• Concerns have emerged about the end of ENA's buyback program, with speculation that the token may break down and experience selling pressure following the 'sell the news' sentiment.
• ENA has been linked to aggressive promotion, with claims that venture capitalists are offloading tokens, leading to skepticism about the token's current market dynamics.
• Regulatory developments in Germany have highlighted potential challenges for Ethena, with enforcement action by BaFin indicating that certain offerings may be classified as securities without proper documentation. This could set a problematic precedent under MiCA.

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Social Signals On 2025-08-03

Bullish Signals:

• Ethena ($ENA) is showcasing strong platform utility and has attracted significant attention for its fee-based revenue generation model, which has contributed to its substantial market presence.
• InfinitLabs V2 closed alpha demonstrates promising developments for ENA, including a delta-neutral strategy with 69.3% APY executed across multiple platforms like Pendle, Hyperliquid, and LiFi, emphasizing automation and scalability in DeFi.
• Ethena is set to unlock approximately 172 million tokens valued at $95.8 million on August 5, representing 2.70% of its circulating supply, which may drive increased interest and market activity.
• ENA is trending as one of the top events, with significant views and votes in crypto communities, highlighting its market relevance and user engagement.

Bearish Signals:

• ENA experienced a 9.7% single-day drop in value during market adjustments, signaling vulnerability to broader market volatility.
• Arthur Hayes reportedly exited a $4.6 million position in ENA tokens, which could signal concerns regarding the token's short-term prospects.
• ENA broke below critical support levels of $0.55, with the next key level at $0.49, indicating potential bearish sentiment.
• Large liquidations of ENA long positions, including $1.2 million and $1 million transactions at $0.50 and $0.51 respectively, highlight increased selling pressure and risk in the market.