ENA (Ethena) fell 5.80% in the last 24 hours.

Gate News Bot news, on October 29, according to CoinMarketCap, as of the time of this report, ENA (Ethena) is currently priced at 0.46 USD, with a 5.80% fall in the last 24 hours, peaking at 0.53 USD and dipping to a low of 0.42 USD. The current market capitalization is approximately 3.326 billion USD, a decrease of about 205 million USD compared to yesterday.

Ethena is a platform that provides digital dollar services, aimed at offering digital dollar solutions for the internet economy. Its main products, USDe and sUSDe, provide users with global instant access to dollar savings accounts, with the current 30-day annualized yield of sUSDe at 4.1%. Ethena emphasizes transparency, providing real-time asset support information, weekly reserve proofs, and monthly custodian proofs. The platform also collaborates with multiple DeFi projects and exchanges to expand its ecosystem.

Recent important news about ENA:

1️⃣ Large-scale liquidation events trigger market turbulence On October 23, the price of ENA fell by 10% in just 2 minutes, leading to a massive liquidation of wallets associated with well-known investor Andrew Kang on the Hyperliquid platform. The liquidation involved an amount as high as $47.38 million, of which about $8.5 million in replenishment funds also did not escape. This event had a significant impact on the short-term price trend of ENA.

2️⃣ Market fall intensifies investor concerns In the last 24 hours, ENA has fallen by 8.09%, ranking first in the cryptocurrency market for the largest decline. As a project with a market capitalization of over 3 billion USD, the significant volatility of ENA has raised concerns about its stability, which may lead some investors to choose to avoid risk, further intensifying the selling pressure.

3️⃣ The overall industry downturn trend impacts The cryptocurrency market is showing an overall trend of fall, with several mainstream coins experiencing varying degrees of correction. As an emerging digital dollar service platform, ENA's price performance is also difficult to remain unaffected, being influenced by the overall trend of the industry.

From a technical perspective, the ENA price has fallen below several key support levels, and it may face further adjustment risks in the short term. However, considering the innovations of the Ethena platform in the digital dollar services sector and its collaborations with multiple DeFi projects, the long-term development prospects are still worth paying attention to. Investors should closely monitor the fundamental developments of the project and changes in market sentiment, and implement proper risk management.

This message does not constitute investment advice; investors should be aware of market volatility risks.