ENA Token Unlock Shakes Market: What Will Happen Next?

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Ah, Ethena’s native token, ENA. It is facing the storm of a scheduled token unlock, which, with all its grandeur, might create a stir in the market. Let us not get too excited about it, for as the whispers of financial ruin dance around us, the market trembles in anticipation of what could only be described as the smallest of tremors in the grand scheme of things.

According to the ever-reliable Tokenomist (who surely knows their way around numbers), a staggering 40.63 million Ethena (ENA) tokens—worth a mind-boggling $12.73 million—will be unleashed upon the world on June 2. Yes, my friends, a truly earth-shattering event. But wait, before we get carried away, let us note that this only represents 0.7% of the total circulating supply. Clearly, this amounts to absolutely nothing in the grand tapestry of market dynamics. But in reality, even the tiniest of token unlocks can send prices on a thrilling rollercoaster ride, as investors brace for the inevitable onslaught of selling pressure. The drama, the suspense—truly a nail-biting experience!

Now, let’s put our minds at ease by noting that only 38% of the ENA supply has been unlocked thus far. Yes, there’s still 62% locked away. I’m sure we’re all losing sleep over that fact, aren’t we? Ethena’s circulating supply stands at a modest 5.82 billion tokens, with a cap of 15 billion, giving it a market cap of approximately $1.78 billion. Oh, but wait, it has a fully diluted valuation of over $4.56 billion. So, in reality, it’s not all that tragic. There is hope, perhaps, hidden beneath the surface.

As of this very moment (yes, right now), ENA has dropped by a whole 2% over the past day, hovering at the grand price of $0.304. Quite the dramatic plunge, right? Since late April, the token has been on a downward spiral, slowly inching its way toward inevitable doom—or perhaps just a minor correction before the unlock. It’s all so very thrilling, especially when you consider that it is now teetering below key support levels, with technical indicators that are as mixed as a salad on a summer afternoon.

The relative strength index (RSI) hovers at 40.4—neutral, almost boring, but just teetering on the edge of oversold territory. How dramatic! Meanwhile, the moving average convergence divergence (MACD) signals that the momentum is fading, a harbinger of doom—or is it? Several major moving averages—10, 20, 50, and 100-day EMAs and SMAs—are casting their shadow, confirming that ENA is languishing below its true potential. Perhaps it’s time to retire from the market and take up knitting, who knows?

The Bollinger Bands, those fickle creatures, are widening again, like the gap between your hopes and reality. What does this mean, you ask? Well, it means volatility is looming large, ready to pounce. The price action is now testing the lower band—will it be support, or will it give way to a more spectacular crash? Only time will tell, my dear reader. We live in suspense.

If ENA fails to hold its ground at the $0.30 mark, brace yourselves. A further slide toward the $0.27–$0.25 range might be on the horizon. The token unlockers will have their say, no doubt selling into the weakness. But, of course, on the other side of this tragedy, there may be a short-term recovery, should ENA manage to break above the 20-day EMA and reclaim the $0.32–$0.34 range. It’s all in the hands of the crypto gods now, who might smile upon us—or not.

Despite the chaos in the short-term, let us not forget that Ethena continues its grand march forward. More than 900 million users now enjoy Ethena’s decentralized finance platform, thanks to its integration with the yield-bearing USDe stablecoin on the TON blockchain in May. But wait, there’s more! The ongoing testnet for EtherealDEX, a decentralized exchange powered by sUSDe, shows promise, with the full launch expected later this year. Ah, hope springs eternal, does it not?

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2025-06-02 09:47