In the past 24 hours, Ethena has executed transfers of millions of dollars in ENA as part of the recent token unlock event.
ENA Token Unlock
According to Spot on Chain, Ethena Labs distributed 94.16 million ENA worth around $33.7 million to 33 addresses. This transfer likely corresponds to the ENA token unlock scheduled for today. More than 2.06 million ENA tokens valued at over $1 million were unlocked as part of the top token unlocks this week.
ENA Token Recipients
The recipients of ENA include OKX Ventures with 17.87 million tokens and Curve's founder, Michael Egorov, who received 2.8 million ENA. Both recipients have transferred all their ENA tokens to Binance. Currently, the Ethena multi-sig wallet still holds 1.22 billion ENA worth over $433 million.
ENA Current Price
At the time of writing, ENA is trading above $0.388, up by under 1% for the day. The token recorded high volatility due to buying/selling pressure triggered by the unlock event today. Earlier today, it surged from $0.34 levels to over $0.41, reaching a market cap of over $1.32 billion before cooling off to the current levels of around $1.25 billion market cap. About half an hour ago, ENA's price dropped by around 6%.
Ethena continues the distribution of ENA tokens, influencing their current price and volatility. Further distribution of tokens is expected soon.
