Ethena (ENA) experienced a significant price surge, climbing more than 12% in a single day to reach $0.7351. This sharp increase propelled weekly gains past 12%, and its market cap now stands at over $5.2 billion, showcasing a remarkable upward trend. The rally is largely attributed to a strategic buyback plan spearheaded by Etheana’s treasury arm, StablecoinX. StablecoinX has executed a substantial buyback program since July 21st, disbursing nearly $150 million of a planned $260 million. This action alone removed approximately 3.5% of ENA’s circulating supply, contributing to the price surge. A larger $570 million buyback plan is underway, further reducing supply and influencing market dynamics.