The crypto market never sleeps, and some tokens seem ready to wake up from a deep rest. According to an analyst known as Not Telling on X, Ethena (ENA) token might be gearing up for a “big bounce.” His perspective focuses on what he calls Ethena’s real economic strength and why the fundamentals still look solid even as the market cools.
Ethena’s platform remains unique for its synthetic dollar stablecoin, USDe. Unlike traditional stablecoins, USDe isn’t backed by dollar reserves sitting in a bank. Instead, it uses Ethereum assets and derivatives strategies to maintain stability. This approach has drawn attention for being more decentralized and less dependent on fiat systems.
The network’s Total Value Locked (TVL) stands at about $9.4 billion. That figure alone shows there is still strong participation and trust in the ecosystem, even with the recent dip in ENA price. Holders of the ENA token also have governance rights, such as voting on who joins the network’s Risk Committee, giving them a voice in how the project evolves.
Analyst Sees a “Big Bounce” Ahead for ENA
Not Telling believes nothing has fundamentally changed for Ethena to justify its price pressure. He pointed out that in October, Ethena outperformed major layer-1 networks like Ethereum, Solana, and Tron in fee generation. It reportedly delivered around $50 million in yield to users within a single month.
Buying more $ENA here Big bounce coming imo Nothing fundamentally changed for Ethena and in October, Ethena surpassed the largest L1s in fee generation Outperforming $ETH, $SOL and $Tron and delivered nearly $50M in yield to users in a single month This is proof Ethena’s… pic.twitter.com/NxC29sb75m
— Not Telling (@nottellingyou73) November 4, 2025
He believes this shows that Ethena’s model is working. The network is not driven by hype or speculation. It proves its strength through real on-chain activity. He calls Ethena a business, not just a blockchain. It earns real revenue, attracts real users, and creates real value.
Ethena’s ecosystem aligns incentives across all participants. Users earn yield that’s supported by the protocol’s underlying economics. Exchanges benefit from deeper liquidity and higher trading volume. Investors gain exposure to a product that captures fees and demonstrates growing demand.
This balance between utility and profitability makes the Ethena token more than just another governance asset. As Not Telling notes, there are few projects in Web3 with a monetizable product that already shows such strong real-world demand. That foundation could help the ENA price recover when broader market conditions turn favorable.
Market Outlook and Ethena's Resilience
The market remains unpredictable, yet Ethena continues to show operational strength and consistent user engagement. Whether the ENA token will bounce soon is uncertain, but the reasons behind Not Telling’s optimism are clear. Ethena’s ability to generate yield, attract liquidity, and sustain real activity could make it one of the more resilient projects in the current market cycle.