Altcoin season hasn’t arrived yet, but is ENA’s bullish news coming first? StablecoinX just secured another $530 million in funding and plans to keep buying aggressively in the open market. Over the next 6–8 weeks, they’ll repurchase $310 million worth of ENA—on top of the 7.3% they just finished buying in the first round. ⚠️ Combined, the two rounds have already scooped up over 20% of the circulating supply. Not only that, the Ethena Foundation still holds veto power over any sales by StablecoinX. And this round of buybacks isn’t random—if ENA drops below $0.70 or falls more than 5% in a single day, the buyback will double instantly, from $5M per day to $10M per day, following a “buy the dip” strategy. For the token price, this means: - There’s a “persistent buy wall” in the market - The buyback pace is long-term, steady, and well-planned, limiting downside volatility - Once sENA revenue rights (fee switch) are activated, ENA’s valuation model could shift from “story-based” to “profit-based.” In short, the bullish case for ENA lies in the changes to its token distribution structure and funding rhythm, pushing it toward a more sustainably valued phase.