Ethena is on a roll, with its stablecoin, USDe, surpassing the $10 billion mark, while its ENA token is hovering above $0,8 USD.
Amidst a dizzying crypto market, two phenomena are emerging strongly, capturing the attention of investors, analysts, and enthusiasts: the remarkable rise of USDe, the synthetic stablecoin developed by Ethena, which has surpassed $10 billion in market capitalization, and the impressive rally of the ENA governance token, which experienced a record 270% increase in June.
These developments not only mark essential milestones in the decentralized financial sector, but also raise crucial questions about the sustainability of growth and whether ENA is on the cusp of a new all-time high.
Bit2Me connects you to EthenaExplosive growth of ENA in June
During June 2025, the ENA token, the cornerstone of the protocol Athena, stood out for its spectacular increase in value, skyrocketing by 270%. This extraordinary growth has been driven primarily by the unprecedented rise of USDe, whose total supply surpassed the $10 billion mark, cementing its position as one of the most solid assets within the DeFi landscape.
In this context, ENA has benefited from its strategic role in protocol governance, as well as from synergies with USDe and its synthetic version, sUSDe, which offers attractive returns through staking options and delta-neutral strategies that appeal to both retail and institutional investors.
On the other hand, significant institutional interest has been a key driver of this growth. Whales and large investors, including prominent figures such as Arthur Hayes, former CEO of BitMEX, significantly increased their ENA holdings, contributing to a substantial increase in volume and price. The support of these players generates confidence in the market and confirms the perception that Ethena is emerging as a leading DeFi protocol. This phenomenon coincides with a surge in open interest in ENA derivatives, reaching all-time highs, reflecting bullish conviction and increasing leverage on their positions.
Impact of USDe on the crypto market
For its part, Ethena's synthetic stablecoin, USDe, has revolutionized the decentralized finance segment. Its innovative model based on delta-neutral and collateralized strategies on Ethereum, along with the ability to convert USDe into its synthetic version, sUSDe, to generate attractive returns, has allowed its market capitalization to exceed $10 billion by early August 2025.
Achieving support under the GENIUS Act in the United States has given USDe a competitive advantage in terms of legitimacy and institutional trust, differentiating it from other traditional stablecoins such as USDT or USDC, which rely primarily on fiat reserves and centralized models. USDe's on-chain operation also facilitates its integration with DeFi platforms for yield farming and staking, broadening its reach and appeal.
Virtuous cycle of growth and confidence
USDe's accelerated adoption is generating increased demand for ENA, due to its fundamental role in the ecosystem. As sUSDe's performance attracts more capital, liquidity and trust in Ethena strengthen, creating a self-reinforcing cycle that benefits both tokens and strengthens their position in the crypto market.
Despite significant growth, experts warn of the risks associated with reliance on derivatives markets and the potential volatility linked to funding. Furthermore, competition with giants like USDT and USDC is intense, requiring careful management and continuous innovation.
Buy ENA on Bit2MeChances of reaching a new high
Given all this, ENA's bullish momentum during June, with a spectacular 270% increase, positions it ready to challenge its all-time high and break above the descending resistance. Technical analysis coincides with very favorable indicators, including the formation of a golden cross between the 50- and 100-day exponential moving averages (EMAs), as well as an elevated RSI, factors that signal sustained bullish momentum.
The interest of large investors, along with the increase in USDe TVL to over 9.3 billion, reinforces bullish expectations. The role of whales and institutional investors accumulating ENA contributes to the stability and momentum of the price.
Technically, the possibility of reaching levels close to $1,00 is high if closes above key resistance levels are consolidated. However, the inherent volatility and potential regulatory risks require caution, urging constant monitoring of the development of downward resistance and other indicators.
