ENA Token Sees 3.94% Drop Amid Profit-Taking, Whale Activity, and Surging Trading Volumes

Ethena (ENAUSDT) experienced a 3.94% price decrease over the past 24 hours, with the current price at $0.6310 according to Binance. The decline is primarily attributed to recent profit-taking following last week's strong bullish momentum, as well as mixed market sentiment and ongoing selling pressure highlighted in recent analyses. Additional factors include a shift in momentum indicators, such as a cooling of selling pressure indicated by RSI and a continuing downtrend signaled by MACD, alongside notable whale activity and increased trading volumes earlier in the week. ENAUSDT remains volatile, with a circulating supply of approximately 6.62 billion tokens and a market capitalization near $4.33 billion. Trading volumes have ranged from $89.6 million to $534.66 million in the last 24 hours, reflecting active participation and short-term price fluctuations.