ENA Token Surges 2.72% as USDe Supply Soars and $9B TVL Fuels Investor Interest Ahead of Major Unlock

Ethena (ENAUSDT) has experienced a 2.72% price increase over the past 24 hours, currently trading at $0.6070 on Binance. This positive momentum is primarily attributed to strong fundamental growth in Ethena’s ecosystem, including a 75% surge in the supply of its synthetic dollar USDe, which now ranks as the third-largest stablecoin by market capitalization. Additional bullish sentiment has been driven by new partnerships, buyback programs, and anticipation surrounding the upcoming token unlock on August 5, 2025, when 172 million ENA tokens (2.7% of circulating supply) will be released. However, this event has also led to increased market attention and some volatility, as large holders have moved significant amounts of ENA to exchanges in advance. Trading volume remains robust, reflecting heightened investor interest, with the protocol’s total value locked exceeding $9 billion and market capitalization near $3.9 billion.