$ENA Here’s the latest update on Ethena (ENA):
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📉 Price Direction: Down Currently
ENA is trading at approximately $0.58, showing a drop of about 2–7% over the past 24 hours depending on the platform .
Over the past week, it has declined roughly 7–8%, even though it's still up significantly month‑to‑date (over +100%) .
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🚀 What’s Driving the Movement?
1. Token Unlock on August 5
A scheduled release of approximately 2.7% of the total ENA supply (~100 million tokens) triggered increased volatility and contributed to a roughly 14% price surge around that date, followed by price selling pressure .
2. USDe Growth & Ecosystem Momentum
Ethena’s synthetic dollar, USDe, has surged into the third-largest stablecoin on Ethereum, with supply jumping over 75% in July. This sparked buying interest and helped boost ENA's value by around 15% recently .
3. Large Holder Activity & Exchange Inflows
Notable sell-offs by early holders like Arthur Hayes (~7.8 M ENA) and over 250 million ENA moved onto exchanges, raising concerns about future sell pressure as supply becomes more liquid .
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🔍 Summary Table
Timeframe Price Trend
Last 24 hours Down (−2% to −7%)
Last 7 days Down (~7%)
Last 30 days Strong rise (+100%+)
ENA is currently showing short‑term weakness, likely tied to recent token unlocks and some profit‑taking, despite strong underlying DeFi fundamentals.
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⚠️ What to Watch Next
Exchange & on‑chain flows: Further distribution of unlocked tokens could keep downward pressure if holders liquidate.
Stability or growth in USDe usage and TVL: Continued adoption across DeFi protocols could support ENA positively.
Technical resistance zones: The ~$0.60–$0.62 range is a key level; reclaiming and holding above could signal renewed momentum .
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✅ Verdict: ENA is down short‑term, but longer‑term it remains tied to the success of its underlying stablecoin USDe and wider DeFi demand.
