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#ENA Ethena’s native token ENA currently trades around $0.57–$0.58, down roughly 5% in the past 24 hours, despite a larger rally earlier this week to highs near $0.63 . Its circulating supply sits at about 6.6 billion of a 15 billion max cap, giving ENA a market cap of around $3.8–$3.9 billion . ENA recently surged $100 million worth) enters circulation . The price action reflects strong buying interest amid elevated trading volume (~$1 billion), rising open interest and bullish technical indicators . Risks include downside pressure from large token unlocks or reserve dynamics: Ethena’s stablecoin USDe relies on a basis-trading strategy that could unwind if funding conditions reverse . Overall, ENA’s performance remains tied to on-chain demand for USDe and market confidence in Ethena’s synthetic dollar model. $ENA
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