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![0xelonmoney Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1554827123491082241.png) ElonMoney [@0xelonmoney](/creator/twitter/0xelonmoney) on x 52.4K followers
Created: 2025-07-21 06:04:54 UTC

ENA Analysis

Fundamental Catalysts:
- USDe Stablecoin Growth: Supply reached a record $6.08B (+$700M recent growth), positioning Ethena’s USDe among leading stablecoins.
- Fee-Switch Speculation: Activation nearing, with only one parameter (CEX onboarding and APY spread) left, potentially providing additional bullish pressure.
- DeFi Integrations: Upcoming Converge Chain launch and major partnerships (Terminal Fi, Strata Money) underscore Ethena’s expanding ecosystem.

Outlook:
Short-term, ENA might face slight corrections due to RSI conditions, but strong fundamentals and bullish market structure support continuation. If momentum persists and fee-switch activation occurs, ENA could target yearly VAH near $XXXX.

Keep a close watch on APY spread metrics and exchange listings, these remain key triggers.

![](https://pbs.twimg.com/media/GwXBxQQXAAAqU6m.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947175934508835077/c:line.svg)

**Related Topics**
[stablecoins](/topic/stablecoins)
[$700m](/topic/$700m)
[$608b](/topic/$608b)
[coins stablecoin](/topic/coins-stablecoin)
[ena](/topic/ena)

[Post Link](https://x.com/0xelonmoney/status/1947175934508835077)