ENA Explodes 23% as Ethena Buys Out Early Investors and Ends Monthly Unlocks

• ENA surged 23% after Ethena removed monthly investor unlocks and reduced potential selling pressure.
• A proposed fee switch could direct 95% of net revenue toward ENA token buybacks.
• USDe surpassed $320 million on Robinhood Chain, strengthening Ethena's broader adoption story.

Ethena — ENA, surged 23% after a major tokenomics announcement. The move arrived during a broader crypto market rally. Bitcoin also pushed above the $80,000 level during Thursday's session. ENA traded near $0.16 to $0.17 at press time. The token has now doubled within slightly more than one week. Investors are watching the latest changes closely. The Foundation wants to reduce selling pressure and strengthen long-term token demand.

Ethena Removes a Major Source of Selling Pressure

The Ethena Foundation announced a major change to ENA's token economics. The Foundation bought locked tokens from several large seed investors. Those investors had sold ENA during the previous nine months. The purchases covered investors holding above 0.25% of total supply. The Foundation completed these transactions through over-the-counter deals. The move directly addresses concerns around monthly investor unlocks. Scheduled unlocks can increase the number of tokens reaching exchanges.

… Continue reading the full article at the original source below.