Ethena (ENA) is dominating crypto attention after a 50.4% single-day surge to $0.1323, placing it second on CoinGecko’s most viewed list behind Bitcoin. The move follows a notable on-chain transfer: Ethena moved 170 million ENA worth about $14.09 million to institutional trading firm FalconX, and FalconX returned the tokens three days later at a higher valuation of $23.68 million. That represents an increase of roughly $9.59 million over the period and has intensified trader interest in the token.
The rally lifts ENA’s market capitalization to approximately $1.43 billion, ranking it around 58th by market cap. More distinctive, however, is the protocol’s revenue profile. Ethena recorded roughly $3.58 million in fees over the prior 24 hours, all counted as protocol revenue. Annualized, that is about $1.3 billion, meaning ENA trades at roughly 1.1 times annualized revenue. By comparison, Hyperliquid trades near 24 times annualized revenue, while most top-100 tokens have no meaningful revenue to measure at all.
The low multiple is tied directly to Ethena’s mechanism. The protocol issues USDe, a synthetic dollar backed by a delta-neutral position that holds spot crypto and shorts equivalent perpetual futures, earning funding rate income from leveraged long traders. That income is cyclical and tends to peak during aggressively bullish conditions. The current reading was taken amid a broader market surge which included Bitcoin rising 13% and a record $2.7 billion in short liquidations, exactly the kind of environment that maximizes Ethena’s funding revenue. Analysts caution that annualizing a single bullish session may overstate sustainable earnings.
Other catalysts are also in play. Coinbase Ventures took a position in ENA and partnered with Ethena on onchain finance products aimed at Coinbase’s user base, a substantive distribution-focused development. Arthur Hayes was reported in early August to have bought 6 million ENA at around $0.09, worth roughly $525,000 at the time. Technical levels show ENA remains about 90% below its $1.52 all-time high and 88% above its $0.07023 all-time low. Analysts see $0.12 as a key support; above that, $0.15 and the 2026 high near $0.17 are reference levels. A close below $0.12 could open the $0.104 to $0.11 support zone, while whether the expanded volume persists remains the key measurable factor over coming sessions.
