Ethena Price
Ethena (ENA) is the project behind USDe, a "synthetic dollar" that aims to hold a dollar value using crypto collateral and hedging strategies rather than bank-held reserves. It is a distinctive and closely-watched entry in the stablecoin and money-layer lands…
Market data via Binance · signals computed live from daily closes · not financial advice.
Key market insights
A plain-language read of live indicators computed from daily closes — these describe current price behaviour, not a forecast.
Technical analysis
Moving averages, momentum and support/resistance from daily closing prices — a snapshot of current structure, not a forecast.
Historical performance
52-week high and low with trailing returns across time windows. Computed from up to 365 daily closes.
Automated observations
Generated mechanically from current market data (volatility, trend, distance from highs) — descriptive, not advice.
Strengths · tailwinds
- Live price, market cap and supply all resolve cleanly from source data.
Risks · headwinds
- Annualised volatility of 109% — large day-to-day swings.
- Trading 65% below its 52-week high — well off recent peaks.
- Max drawdown of -86% over the window — has endured deep peak-to-trough losses.
Supply structure
Ethena has no fixed maximum supply. Circulating supply is a curated estimate used to derive market cap.
Ethena derivatives
Live perpetual-swap metrics. Funding is the periodic payment between longs and shorts; open interest is the total value of outstanding contracts. Informational — not a recommendation to trade leveraged products.
Source: Binance Futures · funding shown per 8h and annualised. Leveraged products carry high risk; informational only.
What the markets price for Ethena
Implied probabilities from live Polymarket prediction markets that mention Ethena. Each figure is the market-priced chance of the outcome resolving Yes — a crowd forecast, not ours.
Source: Polymarket · probabilities reflect current market prices and change continuously. Shown for context only — not a forecast, endorsement or financial advice.
Convert Ethena to US Dollar
Two-way ENA ↔ USD at the live Binance price. Type an amount in either field, or tap a preset.
About Ethena
Ethena (ENA) is the project behind USDe, a "synthetic dollar" that aims to hold a dollar value using crypto collateral and hedging strategies rather than bank-held reserves. It is a distinctive and closely-watched entry in the stablecoin and money-layer landscape.
Because USDe relies on derivatives-based hedging to maintain its peg, it carries different — and debated — risks compared with reserve-backed stablecoins like USDC. ENA is the governance token.
ENA is volatile and high-risk, and synthetic-dollar mechanisms are complex and unproven over full market cycles. This is education, not advice.
The story
Ethena issues USDe, a synthetic dollar kept near its peg through crypto collateral and derivatives hedging rather than bank reserves. ENA governs the protocol.
The context
Ethena is an important money-layer experiment, but its peg mechanics rely on funding rates and hedging that can behave very differently in stressed markets. The yield is real; so is the model risk.
The Digital Take is reasoning and data from the Crypto Ruble Coins Editorial team — context, not a buy or sell call. Not financial advice.
Ethena vs peers
| Coin | Price | 24h | Market Cap |
|---|---|---|---|
| Ethena ENA | $0.1885 | -6.64% | $1.13B |
| Chainlink LINK | $11.64 | -3.46% | $7.45B |
| Uniswap UNI | $6.83 | -4.69% | $4.10B |
| Aave AAVE | $139.98 | -5.20% | $2.10B |
| Maker MKR | $1,813.70 | +0.76% | $1.64B |
| Ondo ONDO | $0.4100 | -5.16% | $1.30B |
Last updated 24 Oct 2026