Why Ethena (ENA) Could Be the Next Altcoin to Explode Over the Next 3-4 Months

Ethena’s governance token, ENA, has surged by almost 15% over the past ￰0￱ suggest that ENA is shaping up as one of the more attractive crypto assets to hold over the next 3-4 months, and for good ￰1￱ Bitblaze, in his latest analysis, revealed that the hype surrounding ENA is not just an empty narrative – it has strong fundamentals, well-defined catalysts, and structured buyback programs that could drive price ￰2￱ for Ethena A major bullish driver comes from token ￰3￱ has already executed significant buybacks and has acquired 7.3% of ENA’s circulating supply in just six ￰4￱ $310 million allocated to purchase ENA over the next 6-8 weeks, this translates to $5-7 million in daily buying pressure, which is an enormous figure relative to the token’s ￰5￱ put this into context, it’s equivalent to a $129 billion BTC buy, $30.2 billion ETH buy, or $7 billion BNB buy in terms of market ￰6￱ explained that such significant buy pressure creates a scarcity effect that could lift ENA’s price steadily, especially in a market where demand is supported by tangible ￰7￱ trends also favor ￰8￱ the Federal Reserve implements rate cuts, yields on T-bills will decline, pushing investors to seek better returns.

USDe, with its 7-10% APY and a $12.8 billion supply, becomes an attractive alternative, particularly as the US government’s Genesis Act now prohibits stablecoin issuers from offering direct ￰9￱ regulatory development could channel more capital into decentralized stablecoins like USDe, which would improve ENA’s demand as the governance ￰10￱ ahead, Ethena plans to implement a permanent fee switch that allocates a portion of its revenue to continuous buybacks of ￰11￱ metrics for this program have already been achieved, including $6 billion in USDe supply, $250 million cumulative revenue, and a $41 million reserve ￰12￱ remaining catalysts, such as full exchange integration (with OKX expected by November/December 2025) and yield spread alignment, are likely to materialize in ￰13￱ these are in place, the analyst believes that ENA’s buyback program will be reinforced, creating a self-sustaining upward price momentum.

Unlocks, Fed Hikes, and Still Bullish? While risks exist, including monthly unlocks of $180-200 million and potential Fed rate hikes, these do not outweigh the structured bullish ￰14￱ in a risk-off scenario, ENA’s protocol-backed fundamentals, ongoing buybacks, and macro tailwinds make it a strong candidate for a ￰15￱ a market where most altcoins lack real moat or revenue, Bitblaze said that ENA has emerged as a strategic play with both immediate catalysts and long-term ￰16￱ investors seeking a project with tangible support and growth potential, holding ENA for the next 3-4 months appears to be a calculated and promising strategy. Meanwhile, BitMEX co-founder Arthur Hayes, who also happens to be a prominent Ethena investor, said that ENA bears are losing steam, as he flagged $1.50 as a key level, reiterating his bullish ￰17￱ trading near $0.81, the prediction hints at upside potential and short-seller vulnerability if buying momentum strengthens.