Ethena Price Surges 50% as Crypto Market Rally Lifts Token

Ethena (ENA) price has surged by roughly 50% in just a few days, breaking out of a multi-month compression phase. The token had been trading at $0.06-$0.10 after a huge collapse from the $0.80+ area.

The move is largely fueled by the broader crypto market rally, with Ethereum price closing in on $2,400 and the DeFi ecosystem seeing significant capital rotation into higher-beta names.

Ethena's strong protocol revenue of $61 million in August has also contributed to the price increase. The narrative now centers around whether some of that economic value could flow toward ENA holders through the fee-switch mechanism.