In the ever-evolving crypto space, where stablecoins and DeFi protocols often steal the show, Ethena just dropped a bombshell that's got everyone talking. A tweet from influential trader Ansem (@blknoiz06) summed it up perfectly: "so ethena essentially raised 20% of its circulating market cap in a month, in cash, that'll be used to directly buy the token? ?????" This reaction highlights a major move by Ethena Labs, the team behind the USDe synthetic stablecoin, to bolster their native token, ENA.

For those new to Ethena, it's a blockchain protocol that creates USDe, a dollar-pegged stablecoin backed by delta-neutral hedging strategies. This means they use staked Ethereum (like stETH) as collateral while shorting equivalent positions in derivatives to maintain stability and generate yields. The ENA token plays a key role in governance and staking within the ecosystem, making it essential for users looking to participate in decision-making or earn rewards.

The buzz started with Ethena's announcement of an additional $530 million in PIPE (Private Investment in Public Equity) financing for StablecoinX Assets Inc., a subsidiary. This builds on their July 2025 deal that secured $360 million initially. Together, these raises total around $890 million—roughly 20% of ENA's circulating market cap, which hovers around $4.6 billion based on recent data. The funds aren't just sitting idle; the Ethena Foundation plans to deploy about $310 million for an ENA buyback program over the next 6-8 weeks through third-party market makers.

What's particularly exciting is the buyback schedule, as noted in a reply from trader Psycho (@AltcoinPsycho): "$5m per day if $ENA >$0.70, $10m per day if $ENA <$0.70, or $ENA is down >5% in a 24h period." With ENA currently trading around $0.66 (down about 4% in the last 24 hours), this could accelerate purchases, potentially reducing supply and supporting price recovery. It's a strategic play to inject liquidity and confidence back into the token during volatile times.

Ansem's tweet sparked a flurry of responses, including from Ethena Labs themselves saying "thats crazy!" and others speculating on parabolic price moves. As someone known for spotting high-potential meme coins like dogwifhat and pushing community-driven projects, Ansem's endorsement adds a layer of hype. While Ethena isn't a traditional meme token, its innovative approach to stablecoins and yields has meme-like virality in DeFi circles, attracting retail investors chasing high APYs.

This development could have broader implications for the meme token ecosystem. Buybacks like this demonstrate how protocols can use raised capital to directly influence token economics, a tactic that meme projects might adopt to combat dumps and build long-term value. For blockchain practitioners, it's a reminder to watch governance tokens in DeFi—moves like Ethena's could set precedents for how teams manage treasuries and reward holders.

If you're holding ENA or eyeing entry, keep an eye on Ethena's official X account for updates. With the buyback in motion, we might see some upward pressure soon, but as always in crypto, do your own research and consider market risks.

In a related reply, a user shared a fun video meme tying Ansem to $Dogemon, a playful nod to how these announcements fuel community creativity in the meme space. While not directly part of the news, it shows how tweets like this ignite engagement across chains.