The number I said I’d keep an eye on is now walking the other way.
The condition for ENA’s buyback to start was USDe supply reaching $7.5B.
On October 7, it was about $4.98B. By October 25, DefiLlama’s data put it near $4.59B.
So it hasn’t moved closer to the trigger. The gap has actually widened. It’s now about $2.9B.
Meanwhile, around 275 million ENA are due to unlock on November 1. That’s roughly 2% of circulating supply.
On one side, the buyback condition is moving away. On the other, the date for new tokens hitting the market is getting closer.
I’m not saying the price will fall. I’m saying that of the two scales I mentioned earlier, one is getting heavier than the other.
One thing would change my mind: if USDe supply starts turning back upward.
What do you think, will that number turn before November 1?
$ENA
DYOR.
#ENA #Ethena #USDe #SolanaDiva
The condition for ENA’s buyback to start was USDe supply reaching $7.5B.
On October 7, it was about $4.98B. By October 25, DefiLlama’s data put it near $4.59B.
So it hasn’t moved closer to the trigger. The gap has actually widened. It’s now about $2.9B.
Meanwhile, around 275 million ENA are due to unlock on November 1. That’s roughly 2% of circulating supply.
On one side, the buyback condition is moving away. On the other, the date for new tokens hitting the market is getting closer.
I’m not saying the price will fall. I’m saying that of the two scales I mentioned earlier, one is getting heavier than the other.
One thing would change my mind: if USDe supply starts turning back upward.
What do you think, will that number turn before November 1?
$ENA
DYOR.
#ENA #Ethena #USDe #SolanaDiva
