Ethena Price Shoots 14% Ahead of Massive $100M Token Unlock, Sell-Off Ahead?

$ENA, the native cryptocurrency of Ethereum-based synthetic dollar protocol Ethena, has surged by 15% in the last 24 hours, as its $USDe stablecoin becomes the third-largest in the category after Tether’s $USDT, and Circle’s $USDC. On-chain data shows a massive 75% surge in $USDe supply on Ethereum, over the past month, showing strong demand in the decentralized finance (DeFi) space. Ethena price is once again trading above $0.61 following today’s upside.