Ethena's price has shown resilience amidst a market downturn in the wider cryptocurrency space, with only a 3% decline in the last 24 hours. This may be attributed to the project's recent successful fundraising effort, which raised $100 million for the launch of its new institutional-focused dollar-pegged token, iUSDe. Major investors such as Franklin Templeton and Pantera Capital participated in the fundraising round. Ethena also plans to use funds from the token sale to develop its own blockchain. The strong demand for Ethena's existing stablecoin, USDe, which generates substantial yield, may also contribute to ENA's price resilience. Traders are optimistic about ENA's trajectory, noting its potential for another significant rally. However, Ethena's long-term sustainability is uncertain as it relies on the basis trade strategy, which is subject to market conditions.



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