Will ENA Go Up By 100%? Stablecoin and Arthur Hayes Sentiment

Ethena’s ENA token has recently captured attention after a sharp price increase and a wave of bullish news. While most of the market has remained flat, ENA has outperformed, driven by strong whale activity, a high-profile stablecoin announcement, and support from Arthur Hayes. 

But does this mean ENA could double in price? In this article, we explore the factors that suggest further upside, while also taking a measured look at the technical and fundamental conditions influencing ENA’s next move.

Why the New Stablecoin Changes the Outlook for ENA

One of the main catalysts behind ENA’s recent surge is the announcement of USDtb, a new stablecoin developed by Ethena Labs in partnership with Anchorage Digital. 

This is not just another dollar-pegged token. USDtb is the first to be fully compliant with the GENIUS Act, a new regulatory framework in the United States that demands full backing, transparency, and AML compliance for any stable digital asset.

USDtb is backed by cash and US Treasuries and will operate under strict federal guidelines. This structure is designed to make it appealing not only to crypto-native users but also to institutional investors who have been waiting for a regulated alternative to traditional stablecoins.

This development brings credibility to the Ethena ecosystem. ENA is the governance token that supports this system, and the value of USDtb could directly influence demand for ENA. 

As the stablecoin gains traction, especially in regulated markets, governance over its growth and future features becomes more valuable. ENA holders stand to benefit from that.

In addition, Ethena’s other synthetic dollar, USDe, already leads the yield-bearing stablecoin market with over three billion dollars in capitalisation. The launch of USDtb does not replace USDe. 

Instead, it adds a regulated complement that expands Ethena’s reach and increases trust in its broader protocol. This dual offering helps position ENA at the centre of a fast-evolving stablecoin economy.

Read also: How Important is Proof of Reserve? Studying Ethena Report

Arthur Hayes and Whale Accumulation Are Supporting the Rally

Another important driver behind ENA’s recent strength is the open support from former BitMEX CEO Arthur Hayes. Hayes has purchased more than two million ENA tokens in recent weeks, bringing his total to nearly eight million ENA tokens.

These are not speculative micro-buys. At current valuations, his position is worth over four million dollars.

Investors watch Arthur Hayes closely. His backing often signals deeper conviction or insider knowledge of long-term potential. 

When he accumulates, traders pay attention. His continued buying has not only boosted confidence but also created a narrative that ENA is still undervalued at current prices.

This sentiment is supported by on-chain data. Whale wallets have increased their ENA holdings by more than eight percent in the past week. At the same time, over one billion ENA tokens have left centralised exchanges and moved into private wallets. 

This shift suggests that many investors are not preparing to sell, but rather to hold. Reduced exchange supply can create favourable conditions for a price increase.

Chart analysis adds to the case. ENA has formed a bullish wedge pattern and shows positive divergence on the On-Balance Volume indicator. 

OBV has continued to climb even as the price has paused, which typically indicates that buying pressure is growing beneath the surface. When this happens, a breakout often follows.

However, there is still a clear resistance zone around sixty cents. Price has approached it several times but failed to break through. If ENA can close above this level, particularly with volume, it may open the door to a stronger rally. 

Fibonacci extension levels show potential targets at sixty-five, seventy-one, and even higher. A full one hundred percent move would place the price closer to one dollar fifteen, which could be realistic if momentum accelerates.

Read also: Ethena Labs Launches eUSD Token

Can ENA Realistically Double From Here?

With all the bullish momentum in place, the question remains. Can ENA double in price? From a purely technical view, it is possible. A wedge breakout above sixty cents would align with whale accumulation and strong fundamentals. 

This would likely lead to a breakout scenario where traders start buying on confirmation rather than speculation.

From a fundamental perspective, the launch of USDtb under a regulatory framework adds long-term value. It separates Ethena from many other decentralised stablecoin protocols that still operate in a legal grey area. 

The project has managed to appeal to both sides of the market: those looking for high yield with USDe and those wanting regulatory certainty with USDtb. ENA sits at the centre of both.

There is also the wider market to consider. If overall sentiment improves and capital flows back into the altcoin market, ENA could benefit disproportionately due to its narrative and ongoing development. 

But if market conditions remain weak or regulatory changes shift sentiment, this could limit ENA’s upside in the short term.

The realistic answer is this. A one hundred percent move is not guaranteed, but the conditions for such a rally are currently being built. 

The combination of regulatory progress, institutional support, positive chart signals, and respected backers creates an environment where ENA could surprise to the upside. 

Traders should still watch key resistance levels and broader market signals before assuming the move is inevitable.

Read also:  Cryptocurrencies Poised for Billion-Dollar Breakouts

Conclusion

ENA has shown strength in a quiet market. With institutional interest, regulatory breakthroughs, and Arthur Hayes publicly backing the project, it has more than just a hype-driven narrative. 

The launch of USDtb introduces a real utility layer that could bring sustained demand to the Ethena ecosystem. If ENA can break above key resistance and the market holds, a one hundred percent rally is within reach.

For those who want to explore ENA trading, Bitrue offers a reliable and user-friendly platform. Whether you are new to crypto or a seasoned investor, Bitrue makes it easy to access trending assets like ENA in a safer and more convenient way.

Read also: Is Bitrue Alpha Worth It? Give it A Try Now

Frequently Asked Questions

What is Ethena (ENA)?

ENA is the governance token for the Ethena protocol, which supports synthetic dollar assets like USDe and USDtb.

Why did ENA’s price rise recently?

ENA surged after the announcement of USDtb, a new GENIUS-compliant stablecoin, along with large purchases from Arthur Hayes and other whales.

What is the GENIUS Act and why does it matter?

The GENIUS Act introduces regulatory standards for stablecoins in the United States. Compliance gives projects like Ethena a better chance of institutional adoption.

Can ENA reach one dollar?

If ENA breaks above its current resistance zone and momentum continues, reaching one dollar or more is possible, but it depends on broader market conditions.

Where can I trade ENA safely?

You can trade ENA on Bitrue, a trusted platform offering secure access to a wide range of crypto assets including ENA, USDT, and other major tokens.

Investor Caution 

While the crypto hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

Bitrue Official Website:

Website: https://www.bitrue.com/

Sign Up: https://www.bitrue.com/user/register

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.