ENA Token Sees Volatility After $360M StablecoinX Deal and $260M Buyback Announcement

Ethena (ENAUSDT) experienced notable volatility in the past 24 hours, with the price declining by 4.41% to $0.4946 on Binance, down from a 24-hour open of $0.5174. The recent price movement follows significant news of a $360 million PIPE financing round for StablecoinX, including a $60 million ENA contribution from the Ethena Foundation and a planned $260 million ENA buyback over six weeks. While this announcement initially drove a surge in ENA’s price and trading volume, with reports of a 5.5% to nearly 20% increase and a spike in trading activity, the subsequent deposit of 60 million ENA to major exchanges by large holders may have contributed to short-term selling pressure and the observed price pullback.

Currently, ENA maintains a price of $0.4946 on Binance, with a 24-hour trading range between $0.4672 and $0.5923, and a market capitalization estimated between $3.14 billion and $3.39 billion, reflecting continued high trading interest and active market participation.