Why is Ethena Price Rallying 8% Today Despite $1.2B Crypto Market Crash?
Ethena price rose 8% to $0.44 on October 17, making it one of the few digital assets trading in green amid a widespread crypto market crash. ENA’s performance stood out as cascading market liquidation saw Bitcoin and Ethereum briefly cede key support levels at $104,000 and $3,700 respectively, on Friday.
Notably, Ethena’s native stablecoin USDe, which temporarily lost its peg to the US dollar during the record-setting $19 billion liquidation event on Oct. 10. At the time, USDe traded as low as $0.65 on Binance, triggering a sharp 50% correction in ENA price from $0.56 to $0.34.
Following the de-peg event, Ethena declared a clean bill of health with an on-chain proof of reserves update, before founder Guy Young clarified…
