ENA Price Drops 5.14% Amid Tokenomics Changes, Broader Crypto Volatility
ENA's price dropped by 5.14% over the last day due to a combination of tokenomics changes, broader crypto market volatility, and profit taking.
Ethena's recent announcement of major tokenomics overhaul, including tying 95-100% of net protocol revenue to ENA buybacks, buying out seed investors, and cancelling monthly VC unlocks, initially sent the price sharply higher before pulling back.
The expansion of Ethena's yield engine into equity perpetual futures and diversified USDe backing increased narrative focus and speculative flows into ENA, contributing to high attention and uncertainty around the project.
The overall crypto market fell about 2.4% in 24 hours following hawkish Fed commentary and a large liquidation wave, which likely influenced ENA's price drop.