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To gauge Ethena’s future, consistently monitor the supply of USDe. Whether it’s Standard Chartered’s forecast for Ethena or Arthur Hayes’ prediction, ultimately, the core logic behind all of them is: USDe supply increases → fees → buybacks → explosive price surge. So, closely watch how much USDe supply grows by the end of this year or early next quarter. Currently, it’s in a consolidation phase—if we see USDe supply break above $5B again and set new highs, that could serve as a signal. #Ethena #ENA

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