ENA is the native governance and utility token of the Ethena ecosystem, a synthetic dollar (USDe) protocol on Ethereum that aims to create a decentralized, crypto‑native stablecoin and yield‑bearing savings system.
ENA currently trades around $0.11–$0.12 USD (৳14 BDT) with nearly $940M market cap and solid trading volume, but remains far below its all‑time high of ~$1.52, down over 90%.
Price action reflects high beta DeFi behavior — sharp swings during liquidity expansions and steep corrections during market downturns.
Recent gains are often tied to broader crypto rallies and macro sentiment, rather than ENA‑specific news, showing correlation with overall market risk appetite.
Technical sentiment is mixed: consolidation near current support levels with potential resistance above recent ranges; a break below key support could bring further downside risk.
Long‑term prospects depend on adoption of Ethena’s synthetic dollar model, TVL growth, and governance engagement, making ENA a speculative DeFi governance play.
