Ethena’s price has experienced an impressive 40% surge over the past week, reaching a new all-time high of $0.8406. This dramatic rally is driven by a major milestone for its TVL surpassing $10 billion and the successful launch of its synthetic dollar, USDe. This has propelled Ethena to be one of the top stablecoins in the market, with a growing list of institutional investors. 5 million daily buybacks are further limiting supply, which contributes to a heightened sense of scarcity and increases demand. Additionally, whales holding 100k-1M ENA saw an increase of 12% in July, now controlling approximately 30% of the total supply. Learn more about what lies ahead for Ethena’s price trajectory as we delve into this analysis.