ENA Token Drops 7.43% Amid Volatility, Yet TVL Hits Record High and Trading Surges Past $605M

Ethena (ENAUSDT) experienced a notable price decline of 7.43% over the past 24 hours, with the current price at $0.6773 according to Binance data. The drop is primarily attributed to increased market volatility, ongoing selling pressure, and a technical breakdown below key support levels, as highlighted by recent chart patterns and analyst commentary. Additional factors influencing the price include a sharp pullback following a previous rally, mixed market sentiment, and profit-taking by investors. Despite the decline, Ethena’s protocol TVL reached new highs in recent days, supported by major exchange listings and institutional interest, including increased investment from prominent figures such as Arthur Hayes. Trading volume remains robust, exceeding $605 million in the last 24 hours, and Ethena’s market capitalization stands at approximately $4.5 billion, with the token ranked among the top 30 cryptocurrencies.