Ethena’s ENA Token Faces Pressure Ahead of $10M Unlock - Unchained

Ethena’s native token ENA saw its price drop lower ahead of a major unlock of approximately 40.63 million ENA tokens, worth about $10.34 million and representing 0.67% of the circulating supply.

As of 6:30 am ET, ENA was trading at $0.26, down 13.6% over the past month, and 82.8% below its all-time high a year ago.

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All unlocked tokens from this round will be allocated to the Ethena Foundation, which is intended to support protocol development and stability.

Previous unlocks of similar size have led to increased sell-side liquidity and short-term price pressure, but have generally been absorbed without lasting downside. But the timing of this unlock, combined with reduced trading and derivatives activity, has created added uncertainty.