Ethena is gaining attention in DeFi as analysts highlight increasing interest and strong accumulation. Despite recent pressure, the project is seen as one to watch closely in the coming months.
At the time of writing, Ethena (ENA) is trading at $0.653486, with a 24-hour trading volume of $1.56 billion and a market capitalization of $4.33 billion. The token has faced a pullback, slipping by 8.48% in the past 24 hours.
Crypto analyst Chain Broker discovered that Ethena is more than just another DeFi token. Built on Ethereum, the coin’s synthetic dollar protocol provides a crypto-native alternative to traditional currencies that are not tied to the banking system. This makes the token a promising component of the rapidly growing digital economy.
— Chain Broker
PROJECT OF THE DAY – 3 SEP, 2025
@ethena_labs $ENA is a synthetic dollar protocol built on #Ethereum that provides a crypto-native solution for money not reliant on traditional banking system.
BrokerScore: 6.97 / 10
Rank: #52
⁰You can learn more here:… pic.twitter.com/CavGkDgFOg
(@chain_broker) September 3, 2025
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A well-known crypto analyst, Altcoinpedia, pointed out that ENA is consolidating just above the $0.65 support level, describing the market setup as highly charged. The accumulation phase indicates that large investors could be stealthily positioning themselves ahead of a potential breakout.
Adding fuel to the frenzy, the founder of BitMEX, Arthur Hayes, has called a “once-in-a-generation play in DeFi” ENA, which can offer 50x rallies if the market momentum picks up further. Though such calls remain positive, the underlying market action indicates growing conviction in the long-term prospect of Ethena in decentralized finance.
Institutionally, one of the main developments that has generated tremendous attention has been the filing by Singapore-registered Mega Matrix of a $2 billion SEC shelf registration, which is intent on opening a treasury that will be solely dedicated to buying the ENA and some of the governance tokens of stablecoins.
This development reflects the ongoing belief that the ENA has the potential to be one of the anchors of the entire DeFi ecosystem. With a week of frail price movement, the overall narrative of the Ethena remains strong, supported by the increasing adoption, positive sentiment of the market, and buying by institutions.
Should the level of support be held, the subsequent significant price movement of the token could occur within the market.
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