ENA (Ethena) rose 3.18% in the last 24 hours

Gate News Bot news, on September 8th, according to CoinMarketCap, as of the time of writing, ENA (Ethena) is currently priced at $0.77, with a 24-hour pump of 3.18%, reaching a high of $0.77 and a low of $0.61. The current market capitalization is approximately $5.282 billion, an increase of $163 million from yesterday, ranking 28th in the global Crypto Assets market capitalization.

Ethena is a digital dollar platform focused on the internet economy. Its main product, USDe, has a supply of 10.42 billion, and users can earn an annual yield of 5% through sUSDe. Ethena also offers USDtb, with a supply of 1.46 billion. The platform currently has 765,000 users, covering 24 blockchains. Ethena emphasizes transparency, providing real-time asset support information, weekly reserve proofs, and monthly custodian certifications. Its protocol support rate is 100.84%, and it offers minting and redemption services 24/7.

Important news about ENA recently:

1️⃣ Ethena Labs hints at participating in the USDH stablecoin issuance rights competition Ethena Labs has expressed its intention to compete for the issuance rights of the USDH stablecoin under Hyperliquid. The company stated that it submitted two USDH proposals last autumn but did not receive a response. Hyperliquid plans to conduct voting on September 14, a move that shows Ethena is actively expanding its influence in the stablecoin market, which is expected to further enhance its market position.

2️⃣ Large holding addresses profit significantly from long positions The largest holding address of ENA on Hyperliquid has a 5x long position that has realized a profit of 3.107 million USD. This address has been long on ENA since July 29, currently holding 49.18 million coins, approximately 3.663 million USD, with an average opening price of 0.6804 USD. This profit performance reflects the market's positive sentiment towards ENA, which may attract more investors' attention.

3️⃣ Institutional investors increase holdings of ENA ArkStream Capital made an additional investment of $10 million in Ethena Labs in August 2025, having previously invested $5 million in December 2024. The continued increase in investment from institutional investors reflects a long-term optimism towards the Ethena project, helping to boost market confidence in ENA.

From a technical perspective, the price of ENA has shown a rise in the past 24 hours, rebounding from a low of $0.61 to $0.77, with an increase of 3.18%. This trend indicates a strengthening of short-term buying pressure. On the fundamental side, Ethena, as the issuer of the USDe stablecoin, has been steadily increasing its market share, with the current USDe supply exceeding $10.4 billion, solidifying its position as the third largest dollar stablecoin and providing support for the long-term value of ENA.

This message is not intended as investment advice; investors should be aware of market volatility risks.