Ah, Ethena’s ENA token, that capricious creature, has chosen today to set the world ablaze with a sprightly rebound that would make even the most stoic investor blush. In an astonishing pirouette, it sashayed upwards by a sprightly 12%, now flirting coyly with the price of $0.7351. Its weekly performance-a veritable waltz-has pirouetted past the 12% mark, while the market cap, that ever-so-pretentious number, now lounges with an air of nonchalance above $5.2 billion. Bravo! 🎩
The cause of this sudden infatuation? Why, a rather dashing buyback plan initiated by StablecoinX, Ethena’s treasury arm, which since July 21 has indiscreetly removed $150 million worth of ENA tokens from the market – nearly 3.5% of the supply vaporized like a puff of smoke at a magician’s soirée.
But wait, there’s a grander spectacle at play: a colossal $570 million strategy that has already vanquished 13% of the supply. Scarcity, dear reader, that seductive mistress, has begun to whisper sweet nothings to the market, coaxing the price upwards with all the subtlety of a dandy at a supper club.
Trading volume, that fickle harlot, didn’t want to be left out. It surged by a saucy 140% in a single day, reaching a heady $1.46 billion. Alas, like all affairs of excess, it settled thereafter to a still respectable $1.3 billion, a humble bow of 56.59%, according to the ever-watchful CoinMarketCap.
Meanwhile, the whales-those aristocrats of finance, clutching their $5 million pots of ENA stablecoins-have increased their stakes by 3% in a mere fortnight. One suspects they know a secret or two, or perhaps just enjoy stirring the pot. 🐋
ENA: From Listless Wallflower to Dazzling Debutante
One must gaze upon the charts-trading view’s elegant canvas-where ENA in June 2025 performed a veritable ascent of 170%, vaulting from $0.305 to a glowing $0.852. But as with all flings, passion cooled; the price dipped, lingered, and twirled languidly around the demure support level of $0.61. Now, at last, it gathers momentum and dances upward with the fervor of a debutante at her first ball.
And lo! ENA has triumphantly vaulted over its 30-day simple moving average of $0.69, signaling a flair of strength as it brushes past past resistance like a charming rogue tipping his hat.
StablecoinX Struts In with $530 Million in Funding
StablecoinX, never one to shy away from the limelight, has secured a handsome $530 million in new funding. This grand total brings the PIPE financing to nearly $895 million – enough to hold sway over 3 billion ENA tokens when the curtain falls on the deal. “This raise alone,” they declare with a self-satisfied grin, “covers about 14% of ENA’s market cap.” Quite the soirée they’ve thrown! 🥂
@TLGYAcq and StablecoinX Assets are positively giddy to announce an additional $530 million raised in PIPE financing. This brings our total to $890 million following the definitive agreement for a business combination. – StablecoinX (@stablecoin_x) September 5, 2025
In a move that would impress even the most buttoned-up bureaucrat, Ethena’s USDtb stablecoin has become one of the first compliant synthetic dollars under the inscrutable U.S. GENIUS Act-thanks to a dalliance with Anchorage Digital. A regulatory win, if ever there was one. Meanwhile, Ethena sweetly retreats from the European Union market, no doubt finding the MiCA rules a bore too stifling for its flamboyant taste.
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2025-09-06 20:26