- ENA price has surged 6% as bulls set their sights on a breakout above $0.24.
- Upbit and Bithumb have listed Ethena USD (USDe).
- Arthur Hayes has shared a new prediction for the ENA price, suggesting a potential rise to $1.
Ethena (ENA) jumped on Wednesday alongside a broader cryptocurrency bounce, driven in part by major South Korean exchanges listing the synthetic stablecoin Ethena USD (USDe).
Renewed optimism around Ethena’s governance token ENA was reinforced by prominent investor Arthur Hayes, who publicly voiced a bullish outlook and suggested the token could reach $1.
Ethena price rises as Upbit and Bithumb add USDe
Two of South Korea’s largest cryptocurrency exchanges, Upbit and Bithumb, announced listings for Ethena’s USDe on Wednesday, expanding the stablecoin’s presence in one of Asia’s most active crypto markets.
Upbit now supports USDe trading pairs against KRW, BTC, and USDT, while Bithumb has listed a USDe/KRW market. These additions improve liquidity and accessibility for USDe, particularly in a market where fiat-to-crypto volumes are significant.
Historically, listing on major exchanges like Upbit has coincided with price rallies for affected tokens, and ENA could benefit from increased attention and trading activity.
At the time of writing, ENA was trading near $0.24, up roughly 7% over the previous 24 hours. Trading volume surged about 160% to over $389 million, and USDe volumes climbed 48% after the listings went live. ENA reached intraday highs of $0.25 during this uptick in activity.
Arthur Hayes predicts ENA could hit $1
Arthur Hayes, co-founder of BitMEX and an influential crypto figure, expressed confidence that ENA could move parabolic in the near term. In a post on X, he stated “it’s time for $ENA = $1,” reflecting a strong bullish stance.
Hayes has previously supported Ethena and reportedly accumulated ENA during market dips. His commentary highlights how broader exchange support—especially in high-volume markets such as South Korea—might accelerate adoption and place upward pressure on ENA’s price.
ENA last traded near similar levels in January 2025. The token later fell to lows around $0.22 during mid-2025 market weakness, then rebounded and retested highs near $0.80 before forming a double top and slipping below $0.20 in early January 2026.
Ethena’s efforts to expand USDe across major platforms and listings could bolster protocol usage and revenue, which in turn may create upward momentum for ENA. If current price action forms a double bottom, a renewed rally toward $0.80 and ultimately $1 becomes more plausible.
Investors should weigh market volatility and perform their own research before making decisions, as cryptocurrency prices can change rapidly and are influenced by many factors beyond exchange listings and public endorsements.