$ENA As of August 5, 2025, Ethena's native token, ENA, is trading at approximately *0.575*, with intraday fluctuations between *0.570* and *0.610*. The token recently experienced a significant 210.5885, following StablecoinX Inc.'s announcement of a $360 million funding round to acquire ENA tokens and plans to list its Class A common stock on the Nasdaq under the ticker "USDE." [1]

However, the community has expressed concerns over Ethena Labs' recent tokenomics changes, which require airdrop recipients to lock up at least 50% of their ENA tokens. This move has sparked criticism about the project's governance and transparency. [2] Additionally, analysts caution that large token unlocks and significant sell-offs by major holders could introduce further volatility, potentially impacting ENA's price stability. [3]

Despite these challenges, ENA's recent performance and strategic developments indicate a dynamic phase for the token, with both opportunities and risks for investors to consider.