Ethena token unlock will free up $728 million rate of tokens on March 5, together with 2.07 billion ENA into circulation.
In line with files from Tokenomist, this unlock accounts for 66.19% of its total present. 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stablecoin, Ethena USDe (USDe), noticed its glorious-ever single-day redemption on March 1, with 268 million USDe withdrawn, lowering the final present by 4.7%. ENA has dropped 18% within the past 24 hours.
On the technical aspect, ENA is currently procuring and selling at $0.3476 and is clearly on a downtrend. Precise selling stress is indicated by the surge in quantity with dominance in crimson candles and might perhaps well be connected to the original token unlock. The 9-day EMA continues to act as resistance, reinforcing bearish momentum.
ENA’s latest hasten modified into as soon as exaggerated by a surge in promote-offs following a failed breakout finish to $0.4836. The relative strength index at 36.85 indicates that the token is getting finish to the oversold location, but no glaring indicators of a reversal maintain regarded.
The stamp might perhaps well furthermore decline even more if ENA drops below $0.3476, which can furthermore consequence in restful lows. On the upside, the closest resistance stage is $0.4028, and a excessive quantity reclamation would existing the muse of a recovery. The pattern is restful bearish for the time being, but a stronger bullish pass might perhaps well furthermore aim $0.4836.
Ethena is building a crypto-native replacement to old banking with its Ethereum-basically based synthetic dollar machine, USDe. At $5.4 billion, USDe is now the fourth glorious stablecoin. Ethena plans to delivery its blockchain and introduce a TradFi-wisely matched token. It is furthermore rolling out iUSDe, a model of its staked USDe designed for institutional investors, space to be its fundamental focal point in Q1 2025.
