beincrypto.com
Coinbase, one of the leading cryptocurrency exchanges, has officially included Ethena’s native token, $ENA, in its listing roadmap.
The announcement led to a modest price increase of 8.6% in $ENA during Tuesday’s early Asian trading hours.
Coinbase Adds $ENA To Listing Roadmap
In a statement shared via X (formerly Twitter), Coinbase Assets confirmed the inclusion of Ethena ($ENA). The post specified that the token’s ERC-20 contract address is 0x57e114B691Db790C35207b2e685D4A43181e6061.
Nevertheless, the exchange clarified that the commencement of $ENA trading will depend on certain conditions. These include increased market-making support and the development of adequate technical infrastructure.
Coinbase mentioned it would issue a separate announcement once these requirements are fulfilled, guaranteeing a smooth integration for traders. $ENA now joins QCAD (QCAD) in Coinbase’s listing roadmap, although the list is not exhaustive.
“Transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds,” the exchange stated.
Following the news, $ENA’s price jumped from $0.312 to as high as $0.338, marking an appreciation of 8.6%. However, the gains generated by this announcement subsided shortly after. BeInCrypto data showed that $ENA dropped to $0.329 at the time of writing.
The trading volume for $ENA also surged. It reached $254 million in the last 24 hours, representing a 91.7% increase. This indicated heightened market activity and investor interest.
The activity observed is quite typical of previous Coinbase roadmap announcements, where such news often leads to a price rise. However, despite the general trend, $ENA’s gains were relatively modest in comparison to other assets like TokenBot (CLANKER), doginme (DOGINME), or Freysa AI (FAI), which experienced more significant surges after a similar addition.
The timing of Coinbase’s announcement aligns with a critical moment for Ethena. Earlier on Monday, over 40 million $ENA tokens, valued at approximately $12 million, were unlocked, raising concerns about a potential sell-off.
Contrary to expectations, the token held steady. BeInCrypto highlighted that $ENA only slipped by 1% in the aftermath of the unlock.