How Does On-Chain Data Analysis Reveal ENA's Growth in 2025?

Active addresses surge by 75% in 2025, indicating robust network growth

Ethereum's network experienced remarkable growth in 2025, with daily active addresses increasing by 75% compared to the previous year. This significant expansion reflects the platform's continued dominance in the cryptocurrency ecosystem and demonstrates its robust underlying infrastructure. The surge correlates directly with increased institutional adoption and expanded use cases across various sectors.

The network's growth can be attributed to several key developments throughout 2025:

This dramatic increase in active addresses coincides with whale activity becoming more pronounced in the Ethereum ecosystem. Analysis shows significant whale accumulation occurred during this period, with large holders reallocating funds from other tokens into the Ethereum network, further boosting network participation.

The expansion also reflects gate's trading volume data, which shows Ethereum maintaining strong trading activity despite market fluctuations. The platform's ability to attract and retain users while simultaneously expanding its institutional footprint demonstrates its resilience and continued relevance in the evolving blockchain landscape. This user growth firmly establishes Ethereum as the dominant layer-1 solution for financial applications and RWAs.

Transaction volume reaches $10 billion monthly, up 150% year-over-year

Ethena has achieved a remarkable milestone in 2025, with monthly transaction volume surging to an impressive $10 billion, representing a 150% increase compared to the previous year. This exponential growth coincides with ENA's price performance, which demonstrated a similar 150% jump over the past month. The substantial increase in transaction activity reflects growing market confidence and mainstream adoption of the Ethena protocol.

Market data demonstrates the correlation between transaction volume growth and price performance:

The protocol's rising popularity is evidenced by its expanding user base, with holder count reaching 81,028. This remarkable growth can be attributed to Ethena's unique value proposition as a synthetic dollar protocol built on Ethereum, providing a crypto-native solution for money independent of traditional banking infrastructure.

Institutional investors have significantly contributed to this volume surge, drawn by Ethena's "Internet Bond" concept, which offers a globally accessible dollar-denominated savings instrument. The transaction growth trajectory positions ENA firmly among the top-performing assets in the cryptocurrency market, with current market capitalization exceeding $3.29 billion. This momentum underscores the market's confidence in Ethena's long-term viability as a DeFi solution.

Whale concentration decreases as top 100 holders now control 40% of supply

In a significant shift within the Ethena (ENA) ecosystem, recent data reveals that whale concentration has decreased substantially, with the top 100 holders now controlling 40% of the total supply. This represents a notable distribution improvement compared to earlier stages of the project when ownership was more centralized.

Despite ENA's impressive 70% price increase over the past three months, whales have continued their accumulation strategy, indicating strong confidence in the token's long-term potential beyond short-term gains.

The current price of $0.4606 reflects recent market volatility, with ENA experiencing a significant depeg event on October 10th when prices briefly touched $0.1299 before recovering. This event demonstrated the resilience of larger holders who maintained positions through market turbulence.

Market analysts suggest this decreased concentration pattern could lead to healthier price discovery and reduced manipulation risks. With a total market capitalization of $3.29 billion and over 81,000 holders, ENA's distribution metrics now align more closely with mature digital assets, potentially supporting more sustainable growth for Ethena's synthetic dollar protocol and its "Internet Bond" concept in decentralized finance.

FAQ

What is the ENA coin?

ENA is the governance token for Ethena, a decentralized stablecoin protocol on Ethereum. It allows holders to participate in decision-making for the USDe stablecoin ecosystem.

Who is the owner of ENA coin?

Guy Young, the founder of Ethena, is the owner of ENA coin. He recently bought back $25 million worth of ENA tokens.

How is ENA coin different from Bitcoin?

ENA coin is newer and less established than Bitcoin. It has a smaller market cap, lower trade volume, and different circulating supply. ENA may offer unique features or use cases that Bitcoin doesn't have.

Is ENA a buy or sell?

ENA appears to be a buy. The coin has shown strong growth potential and positive market sentiment in recent months.