Ethena (ENA) Price Surges 23% as Foundation Buys Out Early Investors and Removes Monthly VC Unlocks

TLDR

• ENA surged 23% in 24 hours, trading around $0.16–$0.17, and has doubled in price over the past week
• The Ethena Foundation bought out locked tokens from early seed investors who sold ENA in the past nine months
• Monthly VC unlock schedule has been removed to cut future selling pressure
• A governance vote is live to use protocol revenue to buy back ENA tokens
• USDe surpassed $320 million on Robinhood Chain within 8 weeks, making up 42% of the chain’s stablecoin supply

Ethena’s ENA token jumped 23% on Thursday as the Ethena Foundation announced a major overhaul of the token’s economics. The move came alongside a broader crypto market rally, with Bitcoin pushing above $80,000.

ENA was trading at around $0.16–$0.17 at the time of writing. The token has now doubled in price in just over a week.

The Foundation confirmed it bought all locked tokens from certain large seed investors who had sold ENA over the past nine months. These were investors who held more than 0.25% of total token supply. The transactions were done OTC over the past two weeks.

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