ENA Token Drops 3.95% After 172M Unlock, But Ecosystem Growth and Trading Volume Remain Strong

Ethena (ENAUSDT) experienced a 3.95% price decline over the past 24 hours, currently trading at 0.5808 USDT. The price drop is primarily attributed to the recent unlock of 172 million ENA tokens (about 2.7% of circulating supply), which led to increased transfers to exchanges and raised short-term liquidity concerns. Despite this, the protocol saw positive developments, including a 75% monthly growth in its USDe stablecoin supply (now the third-largest by market cap) and the launch of new incentive programs to support real-world collateral on Solana. Trading activity remained high, with 24-hour volume between $738 million and $985 million, and the circulating supply stands at approximately 6.62 billion ENA out of a maximum of 15 billion. While short-term technical signals indicate bearish momentum, strong ecosystem growth and sustained trading interest suggest ongoing market engagement.