ENA rose by about 10% on September 1st. In addition to price fluctuations, market attention has also shifted to the recent product advancements and changes in on-chain data of Ethena. With the increase in active addresses and the number of large transactions, the short-term performance of ENA has once again drawn attention.
Increase in active addresses and large-value transactions
On-chain data shows that the number of active addresses for Ethena has been increasing over three time periods: 24 hours, 7 days, and 30 days. This indicates that the network's activity is not just a short-term spike, but rather reflects a broader level of participation.
At the same time, the number of large transactions exceeding $100,000 and $1 million has also increased, indicating that high-value transfers are becoming more frequent. The report suggests that this does not directly prove that whales (large investors) are continuously increasing their holdings, but when combined with the resurgence in activity, it at least reflects an increase in market participation.
Ethena Pay has been opened to user iOS.
Ethena has recently launched a payment product named Ethena Pay, positioning itself as the "new bank for internet currency." According to reports, this service offers 5% cashback on card purchases, 6% savings in US dollars, free global transfers, as well as free deposit channels for US dollars, British pounds, euros, and local currencies.
Product features also include multi-currency savings accounts, integration with self-managed stablecoin accounts via IBAN, as well as the “Buy Now Pay Never” feature, which allows using savings rewards to cover daily expenses. This service is currently available to iOS users.
The market is focusing on the range of $0.13 to $0.19.
From the perspective of price performance, reports consider the range of $0.13 to $0.19 to be the current key zone for ENA. If the price breaks through this range, it is possible that it could move towards $0.25 and $0.40 in the future.
However, if the price falls back below $0.13, the market may shift its focus to the $0.10 range, or even the $0.07 range. Overall, the expansion of Ethena products and the increase in on-chain activity have brought new market attention to ENA. Nevertheless, whether the price can break out of the current range remains a key point for short-term observation.
