The ENA buyback switch is installed, but more than half the “fuel” is still missing—Cat Bro is keeping an eye on these numbers 🐱🔍
📊 On-chain data (Ethena dashboard, as of 10/12):
👉 USDe in circulation: about 4.77 billion; 14-day average: 4.87 billion
👉 First-tier ENA buyback threshold: the average USDe supply must reach ≥7.5 billion before 5% of fees starts being used for buybacks
👉 The average still needs to grow another 54%; below the threshold, buybacks = 0
👉 For comparison: USDe peaked at 14.8 billion in October 2025, then shrank by nearly 75%
📉 Market: $ENA is currently around $0.19, down 4.5% over 24h and 14.8% over 7 days, but still up 18% over 30 days; 24h range: $0.185–$0.200, trading volume: $217 million, market cap: about $2.55 billion.
🔍 Cat Bro’s take:
Buybacks are a long-term story. In the short term, watch whether the USDe supply can start growing again. During the October 7 drop, about 210 million USDe flowed out. Without supply growth, the narrative is just a PowerPoint.
Key levels: $0.19–$0.20 is the recent support zone; a break below $0.17 would look weak. On the upside, watch $0.21–$0.23 first.
Do you think USDe can get back to 7.5 billion by year-end? Vote in the comments 👇
A. Yes B. Unlikely
#ENA #Ethena #On-chainData
$ENA $BTC
Personal opinion only; not investment advice
📊 On-chain data (Ethena dashboard, as of 10/12):
👉 USDe in circulation: about 4.77 billion; 14-day average: 4.87 billion
👉 First-tier ENA buyback threshold: the average USDe supply must reach ≥7.5 billion before 5% of fees starts being used for buybacks
👉 The average still needs to grow another 54%; below the threshold, buybacks = 0
👉 For comparison: USDe peaked at 14.8 billion in October 2025, then shrank by nearly 75%
📉 Market: $ENA is currently around $0.19, down 4.5% over 24h and 14.8% over 7 days, but still up 18% over 30 days; 24h range: $0.185–$0.200, trading volume: $217 million, market cap: about $2.55 billion.
🔍 Cat Bro’s take:
Buybacks are a long-term story. In the short term, watch whether the USDe supply can start growing again. During the October 7 drop, about 210 million USDe flowed out. Without supply growth, the narrative is just a PowerPoint.
Key levels: $0.19–$0.20 is the recent support zone; a break below $0.17 would look weak. On the upside, watch $0.21–$0.23 first.
Do you think USDe can get back to 7.5 billion by year-end? Vote in the comments 👇
A. Yes B. Unlikely
#ENA #Ethena #On-chainData
$ENA $BTC
Personal opinion only; not investment advice