Robinhood Lists ENA Amid 80% Price Drop
Ethena’s governance token ENA recently launched on Robinhood, boosting its accessibility. However, ENA’s price fell over 80% from September highs, trading around $0.31. The decline stems from a large unlock of more than 200 million ENA tokens, bringing the unlocked supply to 6.8 billion, or 45% of the 15 billion total. Further unlocks are scheduled through April 2027, potentially putting continued pressure on ENA unless demand rises. Retail sentiment remains negative on social platforms like Stocktwits, where traders express bearish views on ENA’s recovery prospects. In contrast, Ethena’s USDe stablecoin has reached $8.9 billion in value and ranks third after USDT and USDC. USDe’s yield strategy combines Ethereum liquid staking derivatives with short perpetual contracts. A “fee switch” on USDe could fund a $500 million buyback to reduce circulating ENA supply, aiming to stabilize or support ENA price. Traders should watch token unlock schedules, retail sentiment, and USDe developments to gauge ENA’s market trajectory.
Bearish
ENA’s steep decline is driven by large token unlocks and negative retail sentiment, mirroring other projects that faced supply shocks after major unlock events. With 45% of ENA unlocked and more tokens scheduled through 2027, continued selling pressure is likely. While USDe’s stabilization mechanisms and potential $500 million buyback could support ENA price in the medium to long term, these measures may not offset near-term supply-driven downturns. Traders should treat ENA as a high-risk asset until unlock schedules taper or demand for governance tokens strengthens. This context suggests a bearish market implication for ENA in the short term, though long-term prospects hinge on ecosystem developments.