Ethena’s recent price drop to 0.50 USD may present a buying opportunity. On-chain metrics indicate a surge in daily trading volume to 633 million USD and a record total value locked of 12.5 billion USD, suggesting the network’s strong growth.
Despite the price decline, ENA’s network demonstrates strong fundamentals with high daily trading volume and revenue. The NVT ratio is around 6.9, highlighting a healthy network activity level compared to its valuation. Overall, ENA seems fundamentally undervalued.
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