Ethena (ENA) Rises Amid Buyback Program

Ethena (ENA) price surged 30% in August while exchange reserves dropped by 150 million ENA. This decline coincided with Ethena Foundation’s $260 million buyback program, which purchases around 5 million ENA daily. 

Ethena’s revenue exceeded $500 million, and the USDe supply reached a record level. These developments strengthen investor confidence, making long-term holding more attractive. 

BIO Protocol and Demand Driven by Staking

BIO Protocol, a prominent project in the DeSci sector, rose 265% in August. During this period, exchange reserves fell from 380 million BIO to 294 million BIO, a significant 22% drop. In the third week, investors withdrew 42 million BIO in just one week. 

BIO’s staking program accumulated 25 million tokens, and Arthur Hayes’ $1 million investment drew attention to the project. Additionally, the BioXP reward system encourages users to promote the project on social media, further boosting interest and accumulation. 

API3 and Momentum in the Oracle Sector

API3 rose 130% in August, and exchange reserves fell to their lowest level of the year. In the third week, 9 million API3 tokens were withdrawn, bringing reserves down to 17.19 million. The Upbit listing contributed to this surge. 

The oracle sector in general attracted investor focus. Chainlink’s (LINK) rally highlighted similar projects. According to Artemis data, August was the best-performing period for oracle projects. API3 accumulation helped stabilize the price above $1.50. 

These three altcoins demonstrated a selective altcoin rally in August. Buyback programs, staking incentives, and listings were key factors driving investor interest. In summary, ENA, BIO, and API3 showed strong accumulation signals alongside declining exchange reserves. 

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