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Ethena token unlock will release $728 million worth of tokens on March 5, adding 2.07 billion ENA into circulation.
According to data from Tokenomist, this unlock accounts for 66.19% of its total supply. Ethena (ENA) currently has 3.13 billion tokens in circulation and a $1.08 billion market capitalization.
This comes as Ethena’s stablecoin, Ethena USDe (USDe), saw its largest-ever single-day redemption on March 1, with 268 million USDe withdrawn, reducing the total supply by 4.7%. ENA has dropped 18% in the past 24 hours.
On the technical side, ENA is currently trading at $0.3476 and is clearly on a downtrend. Strong selling pressure is indicated by the surge in volume with dominance in red candles and is probably related to the recent token unlock. The 9-day EMA continues to act as resistance, reinforcing bearish momentum