Ethena's governance token, @ethena's $ENA, led the top 100 cryptocurrencies by market capitalization with a sharp rebound, rising about 14.5% over the past 24 hours to $0.224. Starknet ($STRK
Ethena's governance token, @ethena's $ENA, led the top 100 cryptocurrencies by market capitalization with a sharp rebound, rising about 14.5% over the past 24 hours to $0.224. Starknet ($STRK) followed with a gain of about 13.7%.
Trading volume in ENA climbed 32% to $520M, and its market capitalization is back near $3B. The move came as Bitcoin ($BTC) climbed back above $84,000.
ENA had slid to about $0.176 over the weekend, its weekly low, before reversing. The token is now up about 13.6% over seven days.
Other market trackers showed the recovery building through the week. Tokenpost reported that ENA gained 4.06% in one hour to $0.1948 on Binance on October 20, alongside about $170,000 in short liquidations across Binance, Bybit and OKX. At that time, ENA ranked 40th by market capitalization at roughly $2.56 billion. Separate data from TechFlow, citing CoinMarketCap, listed ENA and Starknet as the top two gainers among the top 100 tokens on October 21.
CoinDesk's market report on October 21 said ENA, the token behind the USDe synthetic dollar, was bouncing from a drop of about 22% over the month. It added that USDe supply of about $4.7 billion remains well short of the $7.5 billion level that would initiate ENA buybacks.
According to Ethena's documentation, ENA is the governance token of the Ethena protocol. Holders use it to govern protocol parameters, including the composition of USDe backing, new backing strategies and the future allocation of protocol revenue.
USDe is a synthetic dollar. As CoinMarketCap explains, it holds its $1 peg through financial engineering rather than cash reserves, using a delta-hedging strategy that pairs crypto collateral with short positions in perpetual futures.
The rebound follows a volatile stretch for the token. Even after the latest gains, ENA remains far below its all-time high of about $1.52, according to MEXC market data. Traders will be watching whether buying interest holds if Bitcoin stays above $84,000.
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