ENA Faces 6.76% Drop as Major Token Unlock Drives Short-Term Selling Pressure

Ethena (ENA) is currently trading at $0.3200 with a 24-hour price change of -6.76% and significant trading volume, reflecting a recent downward trend. The price decline over the past 24 hours is primarily attributed to the scheduled token unlock, which released a substantial amount of ENA into circulation, increasing supply and contributing to selling pressure. Despite recent positive developments such as the Coinbase listing announcement and ongoing whale accumulation, the large token unlocks and cautious market sentiment have outweighed bullish factors, resulting in short-term price weakness.