Ethena (ENA) experienced a notable 13% price surge, reaching $0.622 after successfully holding support at $0.51. This rally was accompanied by a 28% increase in trading volume, signaling renewed demand and strong buying interest.

Ethena has announced the launch of StablecoinX Inc., a new stablecoin-focused treasury company that will be listed on Nasdaq under the ticker symbol USDE. This move comes as part of a merger with TLGY Acquisition Corp and includes a significant $360 million investment aimed at buying back and accumulating ENA, Ethena’s native token. The announcement triggered an 8% surge in ENA’s price, reaching its highest level since January.