Ethena Price Soars 13% Amid Limited Capital Flow and Minimal Revenue
Ethena's (ENA) price surged by 13% over the past 24 hours, but its growth is largely attributed to a call for a massive rally rather than any significant performance improvements.
The Total Value Locked (TVL) in Ethena increased by $160 million, reaching $4.719 billion at press time, indicating limited capital flow into the protocol and minimal revenue generation.
DeFiLlama data revealed that Ethena generated just $56.91 in revenue over the last 24 hours, with a total of $21,317 generated over the past 30 days.
However, spot traders seem to be growing more confident in ENA's price, as evidenced by a $100,000 Net Inflow recorded on CoinGlass. This marks a turnaround from previous selling pressure.
The perpetual market remains a key area of focus, with the Open Interest-Weighted funding rate indicating that the majority of positions are net long. However, a sustained decline in this rate could weigh on ENA's performance and push its price lower.