Key Takeaways:
- Daily active addresses on Ethena hit 5,057, a 7-month high
- New wallets surged to 2,968, marking a 26-month peak
- ENA price remains under pressure despite rising on-chain usage
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ENA network activity hits 7-month high as traders bet on breakout
Ethena's on-chain activity is surging to multi-month highs while its token price languishes — a divergence that could resolve in either direction.
Ethena's daily active addresses reached 5,057 on June 22, the highest since November 2025, even as the ENA token price has spent months trending lower. New wallet creation hit 2,968, a 26-month record, signaling fresh user acquisition rather than churn among existing holders, according to Etherscan data.
"Network activity is decoupling from price — new wallets hitting a 26-month peak suggests genuine new user onboarding, not just existing users trading more frequently," Jason Wu, on-chain analyst at Edgen, said. "The question is whether this activity will translate into token demand or remain a usage-without-price story."
The divergence between on-chain growth and price action is sharp. Daily active addresses have climbed 40 percent from the November 2025 low, while ENA has moved in the opposite direction. Large holders have increased downside bets over the same period, creating a tug-of-war between retail engagement and whale positioning, according to Coinglass data.
Ethena is a synthetic-dollar protocol on Ethereum that issues USDe, a delta-neutral stablecoin backed by staked ETH and short ETH perpetual futures. The protocol's total value locked stood at $2.8 billion as of June 22, per DefiLlama, making it one of the largest DeFi platforms by collateral. The rising active address count suggests deeper integration across Ethereum DeFi, where USDe is used as collateral on lending markets and liquidity pools.
If the on-chain activity trend sustains, ENA could see a breakout as growing protocol usage eventually feeds into token demand through fee accrual and staking yields. However, the bearish positioning from large holders introduces a counter-narrative — if the retail-driven activity fails to push price higher, a correction could follow. The next key level for ENA sits at $0.42 support, with resistance at $0.58, levels that have held since April.
This article is for informational purposes only and does not constitute investment advice.
[1] Ethena price prediction: Can 7-month high network activity fuel ENA's breakout?[2] Ethena Network Activity Hits Record High as USDe Adoption Grows[3] Ethena Network Activity Surges to Multi-Month Highs Amid DeFi Attention[4] Ethena's on-chain activity surges, with daily active address[5] ENA Price Outlook as Ethena’s Network Activity Explodes to Historic Levels
