Ethena Price Swings 9.73% in 25 Hours Amid Narrative Shift

Ethena's price has seen significant swings in recent hours, driven by a combination of positive catalysts and supply concerns.

The token initially rallied after the launch of Ethena Pay on Avalanche, a self-custodial app offering USDe savings, card spending with cashback, and cross-border payments.

The app's integration also included a new ENA utility within the platform, which contributed to the price increase by 8-10% on the day with trading volume reaching around $600M over 24 hours.

Additionally, Ethena proposed a revenue-sharing/buyback model for ENA, where up to 95% of net protocol revenue from USDe products would go into ENA buybacks once USDe's circulating supply reaches about $7.5B.