ENA Token Drops 4% Amid $62M Unlocks Despite Binance.US Listing and Converge Blockchain Launch

Ethena (ENA) is currently trading at $0.3440 on Binance, reflecting a 4.10% decline over the past 24 hours from an opening price of $0.3587. The recent price drop is primarily attributed to ongoing bearish market sentiment, significant token unlocks totaling over $62 million in early June, and short-term negative forecasts, despite positive developments such as the Binance.US listing and the announcement of a future Coinbase listing. Additionally, the launch of Ethena's Converge blockchain and USDe stablecoin integration with the TON blockchain have not offset the prevailing risk-averse environment, as indicated by a Fear & Greed Index of 45. Ethena maintains a market capitalization of approximately $2.09 billion, with 24-hour trading volume near $287 million, ranking it among the top 50 cryptocurrencies by market cap.