Ethena (ENA) rallied after a governance proposal to divert a portion of protocol revenue toward ENA buybacks and token burns, pushing the price to roughly $0.0875.
Price Momentum
Over the past week ENA climbed 14.01%, yet it still trails 18.34% below its level from two weeks earlier. In the last 24 hours the token advanced 3.07%, trading near $0.0875 after a rapid rise from about $0.080 to $0.087 within a 72‑hour window. The surge reflects a short‑term correction rather than a full reversal of the broader downtrend.
Catalysts Behind the Bounce
The governance report that recommended allocating revenue for ENA buybacks and burns revived expectations of a deflationary mechanism. Perpetual funding rates turned sharply negative, hitting –0.05% every eight hours, which set the stage for a short‑squeeze as buyers absorbed sell pressure. Daily trading volume hit $177.