Ethena price drops 92% but on-chain activity reaches monthly high

The Ethena network is showing a striking divergence: while the ENA price has fallen 92% from its late 2025 peaks, on-chain activity is surging. The number of daily active addresses has reached 5,057, the highest level in months. This raises the question of whether smart investors are quietly taking positions at these low levels.

ENA is available at OKX and Bybit.

Highest network activity since November 2025

According to data from Glassnode, shared by analyst @alicharts, the Ethena network recorded 5,057 active addresses in a single day on 21 June 2026. That is the highest network engagement since November 2025 and a sharp jump from previous days. New wallet creation is also rising at the same time, pointing to fresh capital flowing into the network.

Notably, the Ethena network already showed signs of recovering activity earlier this week, but the latest peak takes engagement to a new level. The simultaneous rise in active addresses and new wallets is generally viewed by analysts as a positive signal for a protocol’s health.

ENA trades at lows after heavy correction

The ENA price is currently around $0.09. This follows a 92% decline since the peak in late 2025. According to @alicharts, this deep correction has stripped speculative premiums from the price, making the token theoretically more attractive for long-term investors.

The combination of a low price and increasing network usage is what the analyst calls a divergence. Rather than a sign of further weakness, the explosive growth in on-chain adoption suggests that so-called smart money is actively stepping in at these levels. That could provide the liquidity needed to form a macro bottom. Whether that scenario actually materialises remains uncertain, of course.