Ethena (ENA) Unlock Tests Confidence in Synthetic Dollar Growth

[cryptoenthusiast]

Ethena is releasing 171.88 million ENA tokens on January 5, valued at roughly $43 million. While smaller than Hyperliquid’s unlock, this still represents 2.37% of circulating supply, enough to influence short-term price action if demand weakens.

The unlock is split between core contributors and early investors, which can introduce mixed incentives. As Ethena’s USDe synthetic dollar continues to gain traction, the market will be watching closely to see whether fundamentals outweigh near-term dilution concerns.

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mixed investor + contributor unlocks always feel awkward, some sell some hold nobody knows