$ENA Ethena’s ENA token is navigating a pivotal phase. Following a substantial token unlock—over 2 billion ENA—market fears of dilution were met with surprising resilience, hinting at strong underlying demand. Key players, including Arthur Hayes, are accumulating, suggesting institutional confidence in Ethena’s synthetic dollar model and staking yields. Despite short-term volatility, ENA’s bounce from intraday lows toward $0.60 indicates market digestion of the unlock supply. The protocol’s rising TVL and traction in the DeFi space position ENA as a potentially undervalued asset in a consolidating market