Ethena (ENA) is experiencing a significant drop in value, falling almost 16% in the last 24 hours to $0.3012. The market cap has decreased to $1.62 billion, although trading volume has surged by 110.42%, reaching $301.81 million, indicating increased market activity as traders prepare for the upcoming token unlock.
On April 5 at 07:00 AM UTC, 171.88 million ENA tokens, worth around $52.98 million, will be unlocked. This represents 3.25% of the circulating supply, which could put additional pressure on the price.
Ethena’s current token distribution stands as follows:
- 7.65 billion ENA (51%) still locked
- 2.02 billion ENA (13.49%) yet to be determined
- 5.33 billion ENA (35.51%) already unlocked
This comes right after another token unlock on April 2, when 40.63 million ENA tokens, worth $12.52 million, were released into circulation. That was 0.77% of the circulating supply, and it clearly had an impact on price action.
Adding to the bearish sentiment, the entire crypto market is under pressure. The global crypto market cap has dropped 2.48% to $2.65 trillion, with Bitcoin falling below $83,000 and Ethereum dipping under $1,800. The drop comes as the market grapples with fresh uncertainty, partly due to Donald Trump’s tariff policies, which have added to the instability across financial markets.
For those who aren’t familiar, Ethena is a synthetic dollar protocol built on Ethereum. It’s designed to offer a crypto-native alternative to traditional banking, with a globally accessible savings product called the “Internet Bond,” which is dollar-denominated.
With another significant batch of tokens set to be unlocked soon and market sentiment already on edge, traders are preparing for possible volatility in the coming days.
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