Ethena (ENA) Daily Market Analysis 19 February 2026

ENA token struggles despite protocol growth – here's the latest: • ENA trades at $0.12, down 0.27% and near its all-time low from 30 January 2026 • Protocol expands with suiUSDe launch on Sui (12 February 2026) and Enterprise Ethereum Alliance membership • Governance "fee switch" awaits final approval, which would share protocol revenue with stakers • Underlying stablecoin USDe holds strong with a $6.3B market cap and a maintained $1 peg