ENA Price Drops Sharply Ahead of Major Token Unlock Event

The price of Ethena (ENA) has experienced a significant drop, decreasing by almost 16% in the last 24 hours to $0.3012. This decline coincides with anticipation for a major token unlock event scheduled for April 5 at 07:00 AM UTC, where 171.88 million ENA tokens, worth around $52.98 million, will be released into circulation. This represents 3.25% of the circulating supply and could potentially lead to a price increase due to increased trading activity.