ENA Token Faces 2% Drop as Whale Deposits and $136.7M Unlock Drive Volatility

Ethena (ENA) has experienced a 2.08% price decline over the past 24 hours, with the ENAUSDT pair currently trading at 0.4897 on Binance. The recent price movement is primarily attributed to significant whale activity, as two large addresses deposited approximately 60 million ENA tokens onto major exchanges, likely contributing to increased selling pressure and short-term volatility. Additionally, anticipation of a forthcoming $136.7 million ENA token unlock for investors and contributors may be influencing market sentiment and encouraging profit-taking.

Despite the short-term decline, ENA remains actively traded with robust 24-hour volumes reported between $692 million and $1.85 billion, and a market capitalization around $3.1 billion. The circulating supply is approximately 6.35 to 6.4 billion tokens. Ethena’s protocol developments, including the $260 million ENA buyback and USDe supply surpassing $6 billion, continue to support long-term interest, but near-term price action reflects the impact of large token movements and upcoming unlocks.