Ethena is a synthetic dollar protocol built on the Ethereum blockchain. Its native token ENA drew attention on Tuesday, Sept. 23, after staging a 5% intraday rally despite prevailing bearish sentiment across crypto markets. The bounce followed five consecutive days of losses, which saw ENA decline more than 20% since the Fed’s Sept. 18 rate cut triggered downturns in demand for USD-pegged assets. At press time, ENA had reclaimed the $0.61 level, rising 5%, despite a 32% decline in trading volume in the las ...