Why ethena Is Trending Today?

Binance, the world's largest cryptocurrency exchange, incurred significant losses after a sudden depeg incident involving its synthetic asset, USDe. The depeg, which occurred due to market conditions and an oracle issue on Binance, led to a market crash and massive liquidations. Binance subsequently reimbursed users to the tune of $283 million. Meanwhile, OKX CEO and Ethena founder defended their tokens, arguing that the incident was not a true depeg but rather a result of market manipulation or low liquidity. Tether's CEO praised USDT's stability, contrasting it with the depegged low liquidity tokens.

Ethena's ENA token surged 19-25% following Upbit's listing announcement, with revenues surpassing $290 million. It's now among top altcoins under $1 to watch.