Why ENA Might Skyrocket in the Coming Months

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Q4 catalysts, including OKX integration and yield spread alignment, could trigger a bullish ENA move before year-end.

Ethena’s governance token, ENA, has surged by almost 15% over the past week. Experts suggest that ENA is shaping up as one of the more attractive crypto assets to hold over the next 3-4 months, and for good reason.

Axel Bitblaze, in his latest analysis, revealed that the hype surrounding ENA is not just an empty narrative – it has strong fundamentals, well-defined catalysts, and structured buyback programs that could drive price support.

Catalysts for Ethena
A major bullish driver comes from token buybacks. Ethena has already executed significant buybacks and has acquired 7.3% of ENA’s circulating supply in just six weeks. With $310 million allocated to purchase ENA over the next 6-8 weeks, this translates to $5-7 million in daily buying pressure, which is an enormous figure relative to the token’s market.

To put this into context, it’s equivalent to a $129 billion BTC buy, $30.2 billion ETH buy, or $7 billion BNB buy in terms of market impact. Bitblaze explained that such significant buy pressure creates a scarcity effect that could lift ENA’s price steadily, especially in a market where demand is supported by tangible utility.


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