Ethena Price Eyes 80% Gain as TVL Soars to $12.85B

Ethena price has surged to its highest level in over two weeks, driven by robust ecosystem growth. The total value locked (TVL) in Ethena’s protocol hit a record $12.85 billion, up from a year-to-date low of $5.5 billion. This growth is fueled by the USDe synthetic stablecoin, which offers an annual return of 7% and now serves nearly 800,000 users. Ethena price climbed to $0.7660, marking a 230% recovery from its yearly low. Its market cap exceeded $5.8 billion, with a fully diluted valuation of $11.1 billion. Network fees in Q3 reached $109 million, compared with $27 million a year earlier, while quarterly revenue jumped to $7.65 million from $1.15 million. Institutional accumulation is on the rise: StablecoinX has raised $530 million in fresh capital, bringing total PIPE financing to $895 million to amass over 3 billion ENA tokens. Whales now hold 57 million ENA, a 32% increase in 30 days. Technically, Ethena price formed a double bottom at $0.2490 and a bullish flag breakout, following a golden cross. Analysts expect an initial rally to $0.8595 and an 80% upside target near $1.3255.