What's Driving Token Prices? September 2, 2026

ENA (+10%) - DeFi project Ethena had a huge week with three large catalysts. It started last Thursday with the announcement of a fee switch for its ENA token, along with a buyout of some of its early investors. The fee switch, which just passed a governance vote this morning, would buy back ENA tokens based on the supply of USDe, Ethena’s primary stablecoin. Buyback amounts range from 5% to 25% of revenue, scale with the growth of USDe supply, and begin when USDe supply reaches 7.5B (currently at 4.1B). Ethena also announced this past week that it would begin using equity perpetual futures trading as a backing mechanism for the USDe stablecoin. Finally, yesterday, Ethena announced the launch of Ethena Pay, its neobank product, which will offer users 6% yield on savings and 10% cashback at select brands. The product will use USDe as its primary stablecoin and runs on the Avalanche blockchain.
HNT (+133%) - This week, the wireless network project Helium announced two new initiatives that boosted its token price. Last week, Helium released a case study on how the city of Celina, Texas, used Helium to boost coverage as the city saw a 25% annual increase in residents. Since Helium works on existing Wi-Fi networks, the city did not need to invest in new cell towers to support this new population growth. Yesterday, Helium launched HeliumOS, an operating system for businesses running on the Helium network. Since network operators can range from MVNOs to indoor venues to carriers, HeliumOS provides a unified platform for managing business operations, viewing analytics, subscriptions, and more.
PONS (+290%) - Since the launch of Robinhood Chain in July, activity has surged, driven primarily by on-chain trading of tokenized stocks and memecoins. One project in particular, pons, has captured the market’s attention in the last week. Pons is a memecoin launchpad similar to Pump.fun on Solana. The surge in memecoin launches has pushed pons’ all-time revenue to $11M with $3B in DEX volume in its first month (representing 11% of the entire chain’s volume). The project is currently annualizing $76M in revenue, giving the protocol a 3.8 P/S, even lower than Pump.fun’s 4.8 P/S. Pons uses 80% of its revenue to buyback and burn the PONS token and has already burned 28% of its token supply. As Robinhood Chain does not have its own token, the PONS token could be used as a proxy trading vehicle to represent the chain’s success.

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