ENA Token Surges 2.28% After 172 Million Unlock, Trading Volume Soars Amid Protocol Growth

In the past 24 hours, ENAUSDT has risen 2.28% to $0.5966 (Binance), rebounding from recent lows amid high trading volumes. The price increase follows the unlocking of 172 million ENA tokens (2.7% of supply), which initially contributed to downward pressure as large holders accumulated ahead of the event. Despite short-term volatility and a recent bearish trend attributed to profit-taking and technical resistance near $0.60, market sentiment has been supported by Ethena’s strong fundamentals, including a record $9.55 billion USDe stablecoin supply and over $10 billion in total value locked. Current market capitalization is approximately $3.95 billion, with 24-hour trading volume between $636 million and $710 million, reflecting active participation and ongoing interest in the protocol’s growth.