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Ethena Token Unlock to Release $728 Million Worth of Tokens
The Ethena token unlock is set to release $728 million worth of tokens on March 5, adding 2.07 billion ENA into circulation. This unlock accounts for 66.19% of its total supply, significantly increasing the current 3.13 billion tokens in circulation.
Market Impact and Technical Analysis
Ethena currently has a $1.08 billion market capitalization. However, the recent token unlock has led to a significant decline in the token’s price. ENA has dropped 18% in the past 24 hours, trading at $0.3476. The strong selling pressure is indicated by the surge in volume with dominance in red candles, likely related to the token unlock.
The 9-day EMA continues to act as resistance, reinforcing the bearish momentum. The relative strength index at 36.85 indicates that the token is getting close to the oversold area, but no obvious signs of a reversal have appeared.
Key Levels to Watch
If ENA drops below $0.3476, the price may decline even more, leading to new lows. On the upside, the closest resistance level is $0.4028, and a high volume reclamation would indicate the beginning of a recovery.
Tips for Investors:
- Keep a close eye on the $0.3476 level, as a break below could lead to further declines.
- A high volume reclamation of $0.4028 could indicate the start of a recovery.
- Consider the overall market sentiment and technical analysis before making investment decisions.
Ethena’s Stablecoin and Future Plans
Ethena’s stablecoin, USDe, is now the fourth largest stablecoin with a total supply of $5.4 billion. Ethena plans to launch its blockchain and introduce a TradFi-compatible token. The company is also rolling out iUSDe, a version of its staked USDe designed for institutional investors, set to be its main focus in Q1 2025.
“Ethena is building a crypto-native alternative to traditional banking with its Ethereum-based synthetic dollar system, USDe.”
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