TLDR

ENA token dropped 80% from September highs, trading around $0.31.
Over 200 million ENA tokens unlocked in early November, weighing on price.
45% of Ethena’s 15 billion ENA tokens are now in circulation.
USDe stablecoin generates yield, but ENA’s price faces pressure from token unlock.

Ethena’s governance token, ENA, is now listed on Robinhood, a significant milestone for the project. However, the token’s value has been under pressure recently due to a major unlock of tokens. In early November, more than 200 million ENA tokens entered circulation, causing the price to drop by roughly 80% from September highs. ENA was trading near $0.31, continuing to face volatility amid a broader crypto market downturn.

Token Unlock Contributing to Market Pressure

The major unlock event for ENA tokens has introduced over 200 million tokens into the market, creating downward pressure on the price. As part of the ongoing unlock schedule, around 45% of the total 15 billion ENA supply has already been released, with 6.81 billion tokens now in circulation. The unlock is part of an established schedule, with the remainder of the tokens expected to be gradually released over the next few years.

By the end of 2026, more ENA tokens will continue to enter the market, putting additional selling pressure on the price. The final phase of the unlock is set to complete by April 2027. As the market absorbs this large supply, price fluctuations are expected to persist.

Stocktwits users have continued to show bearish sentiment towards ENA, with market participants noting that the increase in available supply could weigh heavily on the token’s future performance. With billions of tokens set to enter circulation in the coming months, the price could remain volatile, making it a challenging period for investors.

ENA Token Listing on Robinhood

ENA’s official listing on Robinhood has been viewed as a sign of growing legitimacy for the Ethena project. The Robinhood platform is widely recognized by retail investors, and its inclusion offers greater exposure to a broader audience. However, despite the positive impact of being listed on a major exchange, the significant token unlock has been overshadowing any potential benefits.

The listing on Robinhood comes at a time when the price of ENA has been under pressure. As of early November, the token’s price had decreased to $0.31, significantly down from the $1 range it saw in September. This drop has sparked concern among traders, who worry that the token’s price could continue to fall due to the ongoing unlock events.

ENA’s performance on Robinhood will depend on how the market reacts to the growing supply and its potential for future value. Despite the current pressure, some analysts suggest that a combination of token burns or buybacks might help stabilize the price if the unlock proceeds as planned.

USDe Stablecoin as a Key Component

While the ENA token is facing challenges, Ethena’s USDe stablecoin has garnered attention for its role within the ecosystem. The stablecoin has shown potential with a total value of $8.9 billion, making it the third-largest stablecoin by market capitalization. USDe offers yield generation by combining Ethereum (ETH) liquid staking derivatives with short perpetual contracts.

Market observers note that the USDe stablecoin, not the ENA token, could be the main driver behind the platform’s future growth. The token’s utility in generating yield and its listing on Binance could provide more stability to the Ethena ecosystem.

A $500 million buyback mechanism has been triggered to remove tokens from circulation and potentially support ENA’s price. This mechanism could offset the selling pressure from the token unlock if it succeeds in reducing available supply.

Challenges Ahead for Ethena’s Tokenomics

Ethena’s tokenomics present a challenge for ENA’s price stability in the near term. With billions of new ENA tokens expected to enter the market over the next two years, the selling pressure could continue to suppress the token’s price.

The project’s success will depend on how effectively it can manage the token unlocks and implement mechanisms to support the value of ENA in a competitive market.

The development of USDe, combined with ongoing strategic moves, may help improve the project’s outlook. However, until the token unlocks slow down and the market absorbs the new supply, ENA’s price is likely to remain under pressure.

The post Ethena’s ENA Token Faces Price Pressure Amid Unlocking and Robinhood Listing appeared first on CoinCentral.

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Filed under: News - @ November 7, 2025 7:26 am