Top Trader Eugene: Ethena has exceeded expectations in the recent bull market and has raised the ENA target price.

BlockBeats News, November 23rd, top trader Eugene posted on social media that the current circulation of USDe is 3.7 billion, with an increase of 1.2 billion in the past 6 weeks. During this time, the APY of sUSDe has ranged from 10% to 25%. Deribit has accepted USDe as a recognized stablecoin collateral form. Ethena's fee conversion proposal has also been approved, ensuring that sENA holders are the primary beneficiaries of the protocol's success.

All of these developments have exceeded the bullish expectations for ENA that I had when I wrote the paper myself just 2 months ago, leading to a higher reassessment of ENA's target price.