$ENA IS PUMPING. THE MONTHLY UNLOCKS DID NOT STOP 🚨👀📅
$ENA is up about 102% in 7 days, about $0.17. 📈
Ethena makes USDe, a token meant to stay near $1. Yield goes to people who lock USDe. ENA is a different coin. It is the vote coin. It is not the dollar itself.
USDe is still about $4.09B. In the same week the coin jumped, that dollar pile only grew about 3%. 🧊
Every month about 171.875M ENA can unlock for contributors and investors. About $29M at today's price. Unlock means free to sell, not a forced sale. This drip still runs toward 2028. 📅💸
People who lock USDe still get the yield. ENA holders get a vote, not a share of app fees yet.
The fee switch (the rule that would send a share of app fees to people who lock ENA) is still off. Buybacks (the app uses cash to buy ENA on the market) are not a live bid against this monthly bag.
Fees in 30 days can still be tens of millions. Almost all of that cash goes to USDe lockers. Leftover protocol cash is only about $31K. That cannot buy a $29M monthly bag. ⚖️
Until one of these shows up, extra unlocked coins can keep hitting the market with no protocol buyer:
🔶 a live buyback that actually buys ENA
🔷 a real extra use, like turning the fee switch on so people lock ENA for cash, not only a vote
ARE YOU STILL BULLISH ON ENA👇
#ENA #Ethena #Crypto #Binance
$ENA is up about 102% in 7 days, about $0.17. 📈
Ethena makes USDe, a token meant to stay near $1. Yield goes to people who lock USDe. ENA is a different coin. It is the vote coin. It is not the dollar itself.
USDe is still about $4.09B. In the same week the coin jumped, that dollar pile only grew about 3%. 🧊
Every month about 171.875M ENA can unlock for contributors and investors. About $29M at today's price. Unlock means free to sell, not a forced sale. This drip still runs toward 2028. 📅💸
People who lock USDe still get the yield. ENA holders get a vote, not a share of app fees yet.
The fee switch (the rule that would send a share of app fees to people who lock ENA) is still off. Buybacks (the app uses cash to buy ENA on the market) are not a live bid against this monthly bag.
Fees in 30 days can still be tens of millions. Almost all of that cash goes to USDe lockers. Leftover protocol cash is only about $31K. That cannot buy a $29M monthly bag. ⚖️
Until one of these shows up, extra unlocked coins can keep hitting the market with no protocol buyer:
🔶 a live buyback that actually buys ENA
🔷 a real extra use, like turning the fee switch on so people lock ENA for cash, not only a vote
ARE YOU STILL BULLISH ON ENA👇
#ENA #Ethena #Crypto #Binance
