According to data from Tokenomist, 40.63 million Ethena
tokens, or about $12.73 million, will be unlocked on June 2. The unlock has affected market sentiment even though this only accounts for 0.7% of the supply in circulation. In the past, even minor unlocks have had an impact on prices as investors prepare for possible selling pressure from newly issued tokens.
Just 38% of ENA’s entire supply has been unlocked so far. Ethena’s circulating supply currently stands at 5.82 billion tokens out of a maximum of 15 billion, with a market cap of approximately $1.78 billion and a fully diluted valuation of over $4.56 billion.
As of this writing, ENA is down about 2% over the last day, trading at $0.304. Since late April, the token has been stuck in a downward trend, with the most recent decline reflecting caution before the unlock. ENA is now hovering below key support levels, with technical indicators flashing mixed signals.