Ethena Token Surges on Binance USDe Listing, $500M Buyback Potential

Ethena's governance token ENA has experienced significant price gains, fueled by increased whale activity, rising transaction volumes, and new listings on major exchanges like Binance. The Binance listing of Ethena's synthetic stablecoin USDe has been a pivotal development, enabling a fee switch mechanism that could channel up to $500 million into buybacks of ENA, as highlighted by BitMEX co-founder Arthur Hayes. ENA surged over 9% in 24 hours, breaking key resistance levels and signaling strong bullish momentum supported by technical indicators such as RSI, MACD, and On-Balance Volume. The USDe stablecoin, which uses a yield-bearing model backed by BTC, ETH, and SOL, has grown to nearly $13 billion in circulating supply, attracting institutional interest and generating substantial protocol revenues. This growth, combined with rising active addresses and whale accumulation, underpins expectations for ENA to rally potentially beyond $1.20 and even reach $1.50 according to some analysts. Overall, Ethena's expanding ecosystem, revenue-generating stablecoin model, and strategic exchange listings position it for a substantial upward trajectory in the near term.