ENA Token Volatility Surges After $360M Buyback and Nasdaq Listing News Amid Whale Activity

Ethena (ENAUSDT) experienced notable volatility following the announcement of a $360 million capital raise and buyback program by StablecoinX, as well as plans for a Nasdaq listing under the ticker "USDE." The buyback, targeting 8% of ENA's circulating supply over six weeks, initially drove a sharp price surge and increased trading activity. However, in the last 24 hours, ENA's price declined by approximately 2.03% to $0.4767 (Binance data), with a 24-hour open of $0.4866, despite the ongoing buyback and positive sentiment from institutional backing. The recent price decrease may be attributed to profit-taking after the initial rally, large whale deposits of 60 million ENA to exchanges, and a significant drop in trading volume, which fell by over 61% on some platforms. Currently, ENA trades at $0.4767 with a market capitalization around $3.05 billion and a 24-hour trading volume ranging from $755 million to $4.46 billion, reflecting high but declining market activity.