Ethena (ENA) surged on Wednesday as cryptocurrencies bounced, amid major South Korean exchanges listing Ethena USD (USDe). Investors, including Arthur Hayes, expressed bullish conviction, predicting ENA could spike toward $1. Upbit and Bithumb both began supporting USDe, with Upbit adding USDe pairs against KRW, BTC, and USDT and Bithumb listing the USDe/KRW market. The listings are expected to enhance liquidity, accessibility, and adoption of USDe in a market where fiat-to-crypto trading volumes are often substantial.
As of writing, ENA was around $0.24, up about 7% over the past 24 hours. Trading volume jumped 160% to over $389 million as USDe volume rose 48% as the listings went live.
ENA’s price reached intraday highs of around $0.25 amid the volume surge. Hayes, BitMEX co-founder and a prominent crypto investor, predicted ENA could spike toward $1, saying it’s time for $ENA = $1, and he has accumulated ENA during dips. Upward price pressure may allow bulls to target the psychological $1 level, a level last seen in January 2025 after a downturn that pushed prices to around $0.22 in June. Ethena’s ongoing efforts to integrate USDe across major platforms could further support upside momentum.
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