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Pantera Capital, a prominent U.S. institutional asset manager, has invested $8 million in Ethena (ENA).
According to Nansen data, Pantera Capital has been consistently adding ENA to its portfolio over the past few weeks.
The total balance of token holders has also grown steadily throughout November, increasing from $140 million to $160 million. This marks the growth, as the balance had remained virtually unchanged in previous months.
.@PanteraCapital casually loading up $8m in $ENA in the last 24 hours.
They've been steadily stacking for the last three weeks. pic.twitter.com/mHHnEJeMMp
— Nansen ?? (@nansen_ai) November 29, 2024
ENA Price Up Almost 100% in a Month
This growing institutional interest might stem from ENA’s strong performance in November. According to CoinGecko, the token has risen by 93.7% in 30 days, climbing from $0.32 to $0.75.
Ethena is a protocol built on Ethereum (ETH) that provides a synthetic dollar, USDe, offering a yield of 29% APY.
The protocol has secured a top position in decentralized finance (DeFi), ranking 10th in Total Value Locked (TVL) with $4.3 billion. Ethena’s TVL has grown by 58.56% over the past month, surpassing Pendle (PENDLE), which holds the 9th position with $4.1 billion in TVL.
USDe Supply Reaches ATH
The supply of Ethena’s synthetic dollar, USDe, has also experienced significant growth in November.
According to Dune, the supply reached 4.1 billion on November 28, up from 2.7 billion at the start of the month—an increase of 51.85%.
