Is It Worth Buying Ethena in 2025?

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At HelloSafe, our expert has been monitoring the evolution of the Ethena cryptocurrency for over three years. Every month, hundreds of thousands of users in Ireland trust us to analyse market trends and identify the best investment opportunities. Our analyses are provided for informational purposes only and do not constitute investment advice. In line with our ethical charter, HelloSafe has never purchased Ethena nor received remuneration from entities associated with its ecosystem.

Ethena in brief

How much does 1 Ethena cost?

The price of Ethena is up this week. As of today, ENA is trading at approximately €0.29, showing a positive 5.6% change in the last 24 hours and a weekly gain of 1.5%. Ethena’s market capitalisation stands around €1.74 billion, with a three-month average daily trading volume of about €192 million. Ranked #64 by market cap, there are nearly 6.09 billion ENA tokens in circulation, giving Ethena a market dominance of roughly 0.13% in the global crypto space. As always, Ethena’s price can move quickly, so investors should keep an eye on short-term volatility and the protocol’s long-term potential.

Our complete review of the Ethena crypto

Have recent market dynamics positioned Ethena (ENA) at the tipping point for a prominent resurgence within the synthetic stablecoin sector? After rigorously analysing Ethena's multi-year price evolution, integrating a suite of proprietary on-chain indicators, technical signals, market data and competitive intelligence, our findings suggest heightened momentum behind this digital asset. So, why might Ethena emerge in 2025 as a prime strategic entry point within the next generation of decentralised finance?

Recent Performance & Market Context

Price Evolution Overview

Ethena’s performance since its July 2023 inception showcases a compelling blend of high-velocity growth phases and rational consolidation intervals—a common characteristic of emerging but robust DeFi protocols. As of June 2025, ENA is trading at $0.31 USD, reflecting a +67.7% gain year-on-year. Over the last 30 days, ENA has advanced by +4.0%, outperforming many DeFi peers and demonstrating resilience despite broader market volatility.

Notably, ENA currently sits around 59% above its all-time low ($0.195, September 2024) and is trading at a substantial discount—nearly 80%—from its all-time high of $1.52 achieved in April 2024. This offers a favourable risk/reward profile for strategic participants with a mid- to long-term view.

Positive Recent Developments

• Telegram/TON Foundation Partnership: The integration of USDe (Ethena’s native stablecoin) into the Telegram ecosystem, targeting its >1 billion users, substantially widens Ethena’s potential user base.
• Institutional Investment: MEXC’s $20m purchase of USDe and strategic investments from Hyperliquid signal deepening institutional confidence.
• Protocol Innovation: Launch of USDe on Hyperliquid DEX/HyperEVM and the institutional-grade Converge Blockchain with Securitize.
• Community and Developer Momentum: Ongoing updates, bug bounties, and hackathons illustrate a vibrant community supporting active ecosystem growth.

Macro and Sector Tailwinds

• Persistent global inflation has incentivised flight-to-yield, especially for protocols delivering competitive yields such as Ethena’s sUSDe (current ~19% APY).
• Regulatory clarity is improving in most key markets, boosting investor confidence post-Ethena’s strategic withdrawal from Germany due to BaFin compliance.
• The continued institutionalisation of DeFi, led by TradFi expansion (with iUSDe targeting regulated sectors), is narrowing the gap between traditional finance and decentralised protocols.

Technical Analysis

Key Indicators

• Relative Strength Index (RSI): ENA’s RSI is indicating a recovery from oversold territory, cohering with prior local bottoms and formation of a base above strong support.
• MACD: Recent MACD crossovers on both daily and weekly timeframes confirm improving trend momentum and the potential for a bullish reversal structurally.
• Moving Averages: The price has reclaimed its 50-day and is approaching the 200-day moving average; a golden cross scenario could further energise price action.

Support and Resistance

• Major Support: $0.27 remains a robust floor, repeatedly defended over recent months, with large volume accumulation zones—historically bullish for mean-reversion strategies.
• Resistance: Current overhead resistance is observed at $0.35–$0.37; a successful breakout here could unlock accelerated upward moves, particularly if paired with above-average volume.

Momentum and Structure

• The short to medium-term structure exhibits higher lows and sustained buying pressure into consolidation phases.
• On-chain activity, including daily active users and protocol revenue, indicates accumulation by sophisticated wallets and institutional participants.
• Trading volumes (>200M USD daily) remain robust, supporting liquidity and lowering slippage risk for large positions—a key consideration for professional and institutional traders.

Fundamental Analysis

Adoption and Ecosystem Growth

• Explosive Growth: USDe has risen to over $5.8B in outstanding supply, with Ethena TVL at $5.88B—ranking it among the largest DeFi protocols by value secured.
• Partnerships: With deep links to the TON blockchain, Hyperliquid, Securitize, and major CeFi/DeFi exchanges (Binance, Bybit, MEXC), Ethena’s network effects are rapidly broadening.

Attractive Valuation

• Market Cap: $1.89B USD, with a market cap/TVL ratio of just 0.32, suggesting valuation remains undemanding relative to on-chain fundamentals.
• Full Dilution Perspective: Market Cap/Fully Diluted Valuation (FDV) sits at 0.41—modestly valued against peers, factoring in the expected token unlock schedule.
• Yield Dynamics: Ethena’s sUSDe offering 19% APY underpins consistent organic demand, attracting both retail and institutional liquidity.

Structural Strengths

• Technological Edge: Delta-neutral hedging ensures synthetic dollar stability while minimising risk—blending TradFi yield mechanisms with DeFi transparency.
• Community Engagement: Over 67% of sentiment tracked as bullish, sustained by responsive governance and significant ecosystem incentives.
• Differentiation: Ethena stands out via the “internet bond” concept—capturing stable yield without traditional bank intermediation.

Trading Volume & Market Position

• Volume: Daily trading north of $200M establishes ENA among the most liquid mid-cap tokens, indicating both market participation and credible price discovery.
• Dominance: Currently ranked #64 globally, Ethena has achieved sector prominence within less than two years from launch.

Positive Catalysts

• iUSDe Rollout: Entry into regulated TradFi environments could multiply USDe adoption and push Ethena to a new valuation regime.
• Further Protocol Expansion: Listings on additional exchanges, protocol upgrades, and integrations into major DeFi/NFT protocols promise upward re-ratings.
• Favourable Regulatory Environment: Global adoption is supported by proactive compliance and strategic jurisdictional adaptation.
• Unlocks Managed: Although token unlocks bring near-term volatility, the team’s linear vesting approach and transparent communications nurture investor trust.

Investment Strategies (by Horizon)

Short-Term (1–3 months)

• Technical Rebound: Entry near $0.27–$0.31 where support has repeatedly held may represent a calculated asymmetric play on bullish continuation, as upside to the next resistance zone ($0.35–$0.37) remains attractive.
• Catalyst Trading: Consider positioning ahead of protocol upgrades, new exchange listings, or major partnership announcements where price could swiftly re-rate.

Medium-Term (6–12 months)

• Mean Reversion Play: With ENA trading nearly 80% below its all-time high despite substantially stronger fundamentals, a return towards historical averages stands to justify renewed interest.
• Yield Harvesting: Participation in the sUSDe yield product offers competitive returns relative to market risk, ideal for semi-active investors.

Long-Term (12–36 months and beyond)

• Secular Trend Exposure: DeFi’s increasing integration with traditional finance offers a powerful macro backdrop; Ethena’s technological and commercial lead positions it favourably for compounding ecosystem growth.
• Strategic Accumulation: Layering in on pullbacks or pre-upgrade consolidations enables efficient risk management and maximises convexity on protocol success.
• Downside Risk: While regulatory uncertainties (illustrated by the German exit) and token unlock schedules impose headline risk, Ethena's transparency, managed vesting, and institutional partnerships should continue to anchor investor confidence.

Ethena Price Projection Table

Is Now the Right Time to Consider Ethena?

Ethena stands at a pivotal moment, underpinned by the convergence of robust protocol fundamentals, accelerating ecosystem adoption, and a shifting macro backdrop that increasingly favours DeFi-native yield innovation. The protocol’s explosive TVL growth, the compelling APY from its yield product, deepening institutional attention (MEXC, TradFi partnerships), and integration with expansive platforms such as Telegram, all support the narrative of a project in the early innings of a major growth cycle.

Technically, ENA’s current price action presents an appealing entry with limited immediate downside, while structurally, the innovation around synthetic stablecoins points to Ethena’s growing relevance in future-proofing digital finance.

For investors searching for strong return asymmetry backed by diligent development, innovative technology, and demonstrable network effects, Ethena’s present valuation and momentum seem to represent an excellent opportunity. The upcoming protocol upgrades, potential TradFi product launches, and a community-driven governance model could well catalyse Ethena into a new phase of outperformance in the coming cycle.

Ethena remains a high-volatility cryptocurrency with substantial dynamic investment opportunity, requiring disciplined risk management. The protocol’s rapid price recovery highlights its ability to deliver strong and sustained rallies, with the macro and technical context justifying renewed engagement. Watch key technical levels such as $0.27 as immediate support and $0.35–$0.37 as significant resistance. Any major product update or further expansion into regulated finance—for instance, the anticipated iUSDe rollout—may serve as a decisive catalyst shaping the next chapter for Ethena.

How to buy Ethena?

It is simple and secure to buy Ethena (ENA) cryptocurrency online using a regulated platform, even for first-time investors in Ireland. There are two popular ways to invest: spot purchase, which gives you real ownership of the tokens, and crypto CFD trading, which lets you speculate on price movements without holding the actual coin. Each method has its own benefits and key risks. You’ll find a detailed comparison of the top platforms for each approach further down the page to help you choose what suits your needs best.

Spot Purchase

A spot purchase of Ethena means you buy the actual ENA tokens, which are then held in your exchange wallet or can be transferred to your private crypto wallet. With spot investing, you fully own the coins you buy and can store, transfer, or sell them whenever you want. Most platforms charge a fixed commission per spot trade—typically around €5 for a €1,000 transaction with a reputable exchange.

Example

If Ethena is trading at $0.31 (about €0.29), a €1,000 investment would let you buy approximately 3,440 ENA coins (€1,000 ÷ €0.29), after paying around €5 in transaction fees.

Possible profit scenario

If the price of Ethena rises by 10%, your tokens would be worth approximately €1,100, resulting in a €100 gross gain—or a +10% return on your initial investment (excluding fees).

Trading via CFD

CFD (Contract for Difference) trading allows you to speculate on Ethena’s price movements without owning the underlying tokens. With CFDs, you open a position on the ENA price, and can use leverage to multiply your exposure—and your risk. CFD trading involves a spread (the difference between buy and sell price) and overnight financing fees if you hold positions overnight. These platforms are always regulated and require identity verification.

Example

You open a CFD position on ENA with €1,000, using 5x leverage—giving you effective exposure of €5,000 to the market. If Ethena increases in price by 8%, your CFD position gains 8% × 5 = 40%. That’s a €400 profit on your €1,000 investment (before fees and financing charges).

Possible profit scenario

Your €1,000 exposure yields a €400 gain (+40%) if ENA rises 8%—but be aware: leverage amplifies both gains and losses.

Final Advice

Before investing, it’s important to compare fees, trading conditions, and security across different platforms. These can significantly affect your net returns and your experience as an investor. Ultimately, your best method—spot purchase or CFD trading—depends on your goals, your risk appetite, and your familiarity with crypto investing. For a side-by-side breakdown of regulated platforms available in Ireland, consult our platform comparison further down the page.

Our 7 tips for buying Ethena

The latest news from Ethena

Ethena posts strong 24-hour and 7-day gains, with continued bullish sentiment among investors and traders.
Over the past week ending June 7, 2025, ENA has recorded a 1.5% price increase and a substantial 5.6% gain in the last 24 hours, standing at $0.31 with a $1.89 billion market capitalization and a high 24-hour trading volume of $208.67 million. The year-over-year performance demonstrates enduring resilience, marking a 67.7% annual rise even though the token currently trades well below its all-time high. Sentiment remains solidly positive, with 67% of community outlooks categorized as bullish, an important signal for Ireland-based market participants seeking momentum and investor confidence indicators.

Ethena’s USDe stablecoin expands into the Telegram ecosystem, leveraging a potential one-billion-user channel for massive adoption.
In one of the week’s most significant moves, the integration of Ethena’s USDe stablecoin with the TON Foundation on Telegram strategically positions ENA within an enormous, global communication platform. This development not only represents a technology milestone but also creates new prospects for rapid stablecoin adoption in markets such as Ireland where Telegram usage remains widespread. Access via Telegram could help democratize DeFi for Irish retail users and, by extension, bolster ENA’s market penetration and liquidity on local exchanges and platforms serving the Irish crypto community.

Ethena sees major liquidity boost with over $5.8 billion in USDe issued and a TVL nearing $5.9 billion.
The rapid growth in TVL and outstanding USDe supply further cement Ethena as a core protocol in global DeFi, and this will be particularly relevant for Irish institutional and retail investors assessing platform stability and depth. With a market cap/TVL ratio of 0.32 and ENA now ranking #64 globally by market cap, the protocol is entering a phase of apparent consolidation and strengthening fundamentals—a point that can reassure compliance-focused Irish financial actors.

Ethena secures $20 million from MEXC, signaling heightened confidence from major global exchange liquidity providers.
Investment from the prominent international exchange MEXC, which recently purchased $20 million in USDe, reflects growing institutional interest in both ENA and its underlying stablecoin infrastructure. For the Irish market—where access via global platforms such as Binance, Bybit, Gate.io, and MEXC is routine—this vote of confidence enhances liquidity and could drive greater integration with euro onramps or local DeFi projects seeking reliable synthetic dollars.

Regulatory compliance efforts bolster credibility despite a cautious exit from the German market, supporting Ethena’s commitment to cross-border obligations crucial in the EU context.
Ethena Labs’ prompt collaboration with the German BaFin and orderly exit from that market underscore the project’s ability to adapt to regulatory demands, a factor likely to be seen positively by Irish regulators and institutional gatekeepers. This clear willingness to comply places the protocol on more stable footing as MiCA and domestic regulations evolve, potentially smoothing the path for ENA and USDe’s adoption in Irish financial products or by local service providers navigating the EU’s unified digital asset regime.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.