Ethena (ENA) crypto coin is straight-up crashing, and it’s getting closer to hitting an all-time low. Every bounce is getting jeeted again quickly. So, is the DeFi platform even doing good? What does the chart say? What is the most promising alternative to consider in the market at the moment? Here’s the lowdown.
You know where I'm buying more $ENA pic.twitter.com/p3FSuVe4QT
— Kevin (@TradelikeKevin) June 13, 2025
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Ethena (ENA) Crypto Nearing All-Time High In Total Value Locked
Ethena is a blockchain protocol on Ethereum built to make a decentralized, crypto-backed stablecoin called USDe. And yeah, you heard that right. Even with the token price dumping, the whole ecosystem is closing in on an all-time high in total value locked (TVL). We’re talking about $5.89B in USDe and $1.46B in USDtb, making a total of $6B, just $6 million away from the all-time high it hit back in December.
Deposits for $ENA and $LAYER are now open on https://t.co/AZwoBOgsqS!
Trading on ENA/USDT & LAYER/USDT pairs will begin on 6/12 at 7 a.m. EDT.
🔸@ethena_labs is a synthetic dollar protocol built on Ethereum
🔸@solayer_labs is a Layer 2 network built to scale Solana— Binance.US 🇺🇸 (@BinanceUS) June 11, 2025
The main reasons cited for the token dump are the constant token unlocks and the incentives for holders. With massive unlocks happening almost every week, the next one being 0.63% of the total supply set to drop in 18 days, there’s just nonstop selling pressure. Combine that with the decent 4% APY, and it’s been a recipe for the token price to keep sliding.
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What’s the Chart Telling Us? Is It Looking Good?
Looking at the ENA Crypto chart, it’s clear that the token’s been in a steady downtrend since late May, with a few quick bounces that just keep getting sold off. Right now, the price is sitting at a key support level around $0.29. If it holds here, it could be a short-term support zone. But if it drops below this, we could see it tank even more, possibly hitting new lows.
Overall, the market support looks pretty weak for this token, as it keeps making lower lows and can’t hold any bounces. It’s only about 40% away from hitting an all-time low if things keep going the way they are. So yes, it’s looking like it’s headed there soon.
Instead of grabbing Ethena with its 4% APY, check out this presale that’s offering over 80% APY and gives you the chance to get in super early.
Solaxy: Raising Almost 50M, The Most Anticipated Presale Is Coming To An End Soon
It's now clear… NOTHING can slow $SOLX down. 🛸🪐
49M Raised! 🔥 pic.twitter.com/uEFZXiROcQ
— SOLAXY (@SOLAXYTOKEN) June 13, 2025
With only 2 days to go, Solaxy coin is about to make massive noise in the Solana ($SOL) crypto market and grab a lot of long-term investors’ attention. Staking is looking sweet too, with up to 84% APY.
Solaxy is an L2 that makes it easier for devs to build dApps and connect with users, taking pressure off Solana. It’s unlocking Solana’s true full potential, kind of like how Arbitrum did for Ethereum back in the day.
The $SOLX presale is your last chance to snag them at the lowest price before it goes live. Tokens are going for just $0.001744, but that price will keep rising every two days as the sale ends. Catch up while you still can.
A lot of big whales and investors are buying into this kind of presale, which usually blows up 10x to 15x after launch. The savvy and experienced whales often buy these projects under the radar to maximize their gains. One whale recently grabbed over $400k worth of $SOLX on the Ethereum chain. Click here for the transaction ID.
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Key Takeaways
- Ethena’s price is dropping due to constant token unlocks and weak market support, nearing an all-time low.
- Solaxy presale offering 84% APY presents a higher potential return compared to Ethena’s 4% APY.
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