Ethena (ENA) Daily Market Analysis 22 February 2026

Ethena faces market headwinds but pushes ecosystem growth – here's the latest: • ENA token down 11% this week, hitting all-time low of $0.1484 on 30 January 2026 • Protocol "fee switch" activation pending final Risk Committee and governance approval • USDe stablecoin expanded to Sui blockchain on 12 February 2026, with new HTX minting service • Total Value Locked (TVL) has dropped over 55% from its October 2025 peak • Ethena Labs joined Enterprise Ethereum Alliance alongside Polygon and Nethermind