Ethena Plans $260M Altcoin Repurchase Amid Market Gains

Ethena (ENA) announced a substantial $260 million buyback of its tokens over six weeks through its new treasury company, StablecoinX, using funds from a $360 million raise. This buyback, representing about 8% of ENA's circulating supply, aims to accumulate tokens as long-term assets, which led to a sudden price increase. Meanwhile, altcoins XYZVerse, Hyperliquid, and AAVE are gaining momentum, with XYZVerse attracting attention due to its presale success and strategic partnerships, positioning itself as a promising memecoin with potential high returns. Litecoin (LTC) has surged to a four-month high near $120, driven by market enthusiasm despite significant sales by whale investors; long-term holders remain confident, suggesting sustained support. Analysts anticipate further gains for Litecoin, potentially another 14% rally if key resistance levels are surpassed, supported by strong bullish indicators and market demand. The broader crypto market is also showing positive trends, as reflected in the CoinDesk 20 Index's 4.6% increase, highlighting renewed investor interest in altcoins and the crypto sector overall.