This week's performance of several mainstream cryptocurrencies in the crypto market is quite interesting. Polkadot, Ethena, and Solana are all on the rise, but looking only at the percentage gains is too superficial—the stories behind the numbers are very different.

Both Polkadot and Ethena saw over 20% increases this week. They sound similar, but in reality, market participation levels are completely different. DOT's rise appears more stable, with a quick surge at the beginning of the week, but trading volume is only about $147 million, indicating relatively concentrated participation. Buyers are firm but not very active.

ENA is different. Despite the same percentage increase, its trading volume reached $207 million, clearly surpassing DOT. What does this reflect? Higher market participation, stronger consensus between buyers and sellers, and more solid short-term support levels. This kind of high turnover rally tends to be more sustainable because it’s not just one-sided price pushing but genuine price and volume growth.

From the supply side, the differences are also obvious. ENA's annual inflation rate exceeds 400%, with a fast token release rate. To keep prices rising, continuous demand must absorb the new supply. DOT's situation is quite the opposite—its inflation rate remains stable or even negative at times, indicating much less long-term supply pressure.

Currently, both tokens have circulating supplies reaching 100%. The risk of unlocking in the short term is low, but in the long run, supply dynamics will become an important factor influencing their trends. SOL continues to hold steady at support levels, giving a sense of readiness to move upward.