Ethena Price Strengthens Amid Whale Activity and Network Growth

Ethena's price has been on the rise lately, fueled by increasing wallet growth and whale accumulation. According to data from Santiment Intelligence, Ethena recorded its strongest daily wallet growth in over three months, while whale accumulation reached a five-week high.

The interest in the project was also boosted by Grayscale Investments' allocation of ENA to its DeFi fund on May 7. A USDC transaction of $310 million linked with the Ethena wallet and a brief halt of the LayerZero bridge further contributed to the renewed attention on the protocol.

Analysts believe that the upcoming fee switch proposal could mark a turning point for the network's profitability. The growing presence of whales suggests that big-money players are preparing their strategies ahead of the potentially positive trigger.