Ethena’s ENA token is about to see a major unlock in just an hour, and the market is already fired up. The price has jumped 4.66% in the last 24 hours, currently trading at $0.4170, while its market cap has hit $2.2B. Trading volume is also soaring, up 17.35% to $231.46M, as traders gear up for what’s coming.
This unlock will release 7.93M ENA into circulation, worth around $3.29M. Not a game-changer by itself, but the real shake-up is the massive cliff unlock that’s about to drop.
A huge amount of 7.93 million ENA tokens, worth about $3.29 billion, is about to be released. That’s a big deal because it means more ENA will be out there. People who trade are keeping a close eye on this to see if the price of ENA will stay strong or if a bunch of folks will start selling it off fast.
Right now, 7.70 billion ENA tokens, which is 51.32% of the total supply, are still locked up. Meanwhile, 5.28 billion ENA tokens—about 35.19%—are already unlocked, floating around in the market. Then there’s another 2.02 billion ENA, or 13.49%, labeled as “TBD locked,” meaning no one’s quite sure when those will be released.
As for who owns what, private investors have a 25% chunk of the total supply, and 30% is set aside for the team, advisors, and contractors. The rest breaks down like this: 17.5% goes to ecosystem incentives, 15% to the foundation, and 12.5% is earmarked for airdrops and bounties.
Ethena’s building something interesting: a synthetic dollar protocol on Ethereum. The idea is to make a crypto version of what banks usually handle. Their big product, the Internet Bond, is meant to be a dollar-backed savings option that anyone, anywhere can use. But right now, all eyes are on this massive token unlock coming up.
Billions of ENA tokens are about to hit the market, and people are wondering: will the price keep climbing, or are we looking at a big sell-off soon? That’s the million-dollar question.
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