Ecena prices hovered at nearly $0.70 amidst wobbling in the overall crypto market on Friday. Mega Matrix announced it has acquired a $6 million ENA for its financial strategy. Analysts are looking at the scope for ENA to approach the $1 mark in the coming weeks as Bulls regain control.
The Digital Assets Treasury move has been Wall Street talk for a while, and the latest cryptocurrency to attract notable investments is Ecena (ENA).
On Friday, Singapore-based short video streaming operator Mega Matrix announced its institutional foray into the DAT ecosystem with a scoop of $6 million ENA tokens.
The news came amid the overall slump in cryptography, but ENA prices were approaching a critical level of $0.70.
Mega Matrix buys $6 million ENA from the Treasury
In a press release, Mega Matrix announced that it has completed its $6 million purchase of ENA tokens.
The company said the move reflects its commitment to a diverse financial approach focused on Stablecoin Governance Assets, and that Ethena tokens are positioned as a central component of the “DAT strategy.”
“After launching MPU’s Stablecoin Governance Token Treasury Resears (DAT) strategy, we will further expand our $ENA holdings, continue to carry out weekly accumulation based on market conditions, and strengthen Stablecoin Governance Token’s commitment to building a major Treasury ministry.”
The purchase took place over weeks through open market transactions in major exchanges, allowing Mega Matrix to build its place without disrupting market dynamics, according to the announcement.
Mega Matrix said it has acquired a total of 8.46 million ENA tokens with an average purchase price of $0.7165 per token.
The company said by retaining the ENA, it will provide potential governance impacts along with exposure to potential compensation and protocol fees, tailoring the broader objectives of its DAT strategy to optimize Treasury yields in the digital asset market.
ENA Price Prediction: Why is Ecena bullish?
Its market capitalization is $4.6 billion, and Ecena is currently ranked among the top 50 cryptocurrencies.
The tokens, backed by support from established entities, draw attention similar to other major Altcoins, such as BNB, XRP, and Solana. This is a trend that can support further adoption of Ethena and similar projects.
Apart from the Crypto Treasury Bets Spree, Ethena’s bullish outlook comes from several interlocking factors, including its leading role in the Stablecoin market.
Ethena’s USDE Stablecoin has surged to more than $14 billion in circulation, highlighting the strong demand from investors seeking religious returns through Defi strategies such as delta hedging and staking.
Broader market dynamics, such as clarity of regulations and improved approval of ETFs, are also contributing to the bullish outlook.
At the same time, Ecena’s open market ENA buybacks and whales accumulation are strengthening emotions.
With momentum building, analysts are looking at the ENA range to approach the $1 mark in the coming weeks as the Bulls regain control.
