$ENA On October 5, a one-time unlock of 1.57B tokens was instead followed by an upward surge—a false alarm. The overall unlock figure has already reached 75%, with the remaining $3 billion to be released gradually each month.
Currently, the price is consolidating after breaking through the 0.24 neckline. This year’s target is estimated at $0.6, and after a correction early next year, it is expected to surge to a new all-time high. The main catalyst is:
Ethena’s fee switch: once USDe’s circulating supply reaches at least $7.5 billion, 95% of the protocol’s net revenue will be used to buy back ENA on the open market. Buybacks will scale up in tiers as supply reaches $10 billion, $15 billion, and $20 billion. USDe currently stands at $4.9 billion, so the switch has not yet been activated.
Buy the dip.
Currently, the price is consolidating after breaking through the 0.24 neckline. This year’s target is estimated at $0.6, and after a correction early next year, it is expected to surge to a new all-time high. The main catalyst is:
Ethena’s fee switch: once USDe’s circulating supply reaches at least $7.5 billion, 95% of the protocol’s net revenue will be used to buy back ENA on the open market. Buybacks will scale up in tiers as supply reaches $10 billion, $15 billion, and $20 billion. USDe currently stands at $4.9 billion, so the switch has not yet been activated.
Buy the dip.
