How Does ENA's On-Chain Data Analysis Reveal Its Potential for Growth in 2030?

ENA's On-Chain Activity: 6.33 Billion Daily Trading Volume

Ethena's on-chain activity demonstrates remarkable market traction with a staggering 6.33 billion daily trading volume, positioning it as a major player in the cryptocurrency ecosystem. This impressive volume reflects strong market interest in Ethena's synthetic dollar protocol built on Ethereum, which offers a crypto-native solution independent of traditional banking infrastructure.

The trading metrics reveal Ethena's growing significance in the market:

Ethena has experienced significant price volatility in recent months, with its value ranging from an all-time high of $1.5208 on April 11, 2024, to a concerning low of $0.1299 on October 10, 2025. Despite this volatility, the consistent high trading volume indicates strong liquidity and market interest in ENA tokens. The protocol's innovative "Internet Bond" concept has attracted substantial attention from investors seeking dollar-denominated savings instruments within the decentralized finance space. The high turnover ratio between trading volume and market cap further highlights the token's active trading status across multiple exchanges.

Price-Value Disconnect: MVRV Ratio at 0.71

Ethena's MVRV ratio of 0.71 in 2025 reveals a significant price-value disconnect in the market, indicating that ENA's market value is trading substantially below its realized value. This bearish indicator suggests investors are currently valuing ENA at a 29% discount compared to its actual on-chain value.

The historical context for this disconnect becomes clear when examining recent price movements:

Market sentiment has shifted dramatically since August 2025, when ENA reached $0.8062. The price collapse on October 10th, when ENA plummeted to a historical low of $0.1299, created technical damage that continues to impact investor confidence.

Technical analysts point to this sub-1.0 MVRV ratio as evidence that further downside risk remains. When comparable assets have reached similar MVRV levels, they typically experienced additional 15-20% drawdowns before finding sustainable support. The current price action suggests accumulation by long-term holders, but institutional buyers remain hesitant to enter positions until clearer bottoming signals emerge.

With Ethena's fundamentals appearing disconnected from its current market value, this presents both risks and potential opportunities for investors who understand the significance of this valuation metric.

Growth Potential: USDe Surpasses DAI as 3rd Largest Stablecoin

Ethena's USDe has achieved a remarkable milestone by surpassing DAI to become the third-largest stablecoin in the cryptocurrency market by mid-2025. With a market capitalization exceeding $12.26 billion, USDe's growth trajectory demonstrates its increasing adoption and utility within the crypto ecosystem.

The stablecoin market hierarchy has been reshaped as follows:

This significant achievement is backed by impressive user statistics, with USDe's holder base increasing by 72% to over 32,500 holders. The stablecoin's innovative delta-neutral strategy has been instrumental in generating attractive yields ranging from 9-19% APY, making it a compelling alternative to traditional stablecoins.

The total stablecoin market has continued its expansion, reaching $316 billion in 2025 and marking the 25th consecutive month of growth. Market analysts from Santiment now view Ethena as a serious challenger to established players in the stablecoin space.

USDe's competitive advantage stems from its unique approach of using futures instead of traditional cash reserves, potentially allowing it to maintain price stability even during sudden market shocks. This innovative model positions Ethena's USDe for continued growth and increasing market share in the evolving digital dollar landscape.

FAQ

What is the ENA coin?

ENA is the native token of Ethena, a decentralized stablecoin protocol on Ethereum. It's used for governance and rewards in the ecosystem that mints USDe stablecoins using ETH collateral.

Who is the owner of ENA coin?

ENA coin is owned by Guy Young, the founder of Ethena.

What problem does ENA crypto solve?

ENA solves scalability and cost issues in the stablecoin sector, offering a more efficient and reliable alternative to existing solutions.

Is Ena a buy or sell?

Based on current market analysis, Ena is a sell. Technical indicators suggest a bearish trend, making it advisable to sell or hold off on buying for now.