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ENA surges after Ethena links $1B secured facility to USDe collateral
ENA gained 48.3% in 24 hours and volume jumped to $1.04 billion, up 319% from the prior day.
Ethena’s ENA token jumped 48.3% over the past 24 hours and added 77.2% for the week after the protocol announced a $1 billion secured warehouse facility with FalconX on Wednesday, according to CoinDesk.
The report said ENA volume reached $1.04 billion, up 319% from the previous 24 hours and approaching three quarters of the token’s market capitalization, with the price move led by a catalyst tied to how assets backing Ethena’s USDe synthetic dollar are deployed.
CoinDesk noted that the facility is described as putting collateral into overcollateralized institutional credit rather than the crypto basis trade, and that ENA had recently been trading in a narrow range between $0.06 and $0.10 after collapsing from above $0.80.
The article also pointed to other high-momentum tokens, including Hyperliquid’s HYPE, which tested fresh highs near $77.87 following remarks by President Trump that the CFTC is working to bring the exchange onshore in a compliant manner, while bitcoin dominance was cited at 59.8% and the altcoin season index at 33.
Overall, CoinDesk said the tokens showing the strongest moves have specific catalysts rather than broad, indiscriminate capital rotation toward altcoins.
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