ENA Surges 23% as Ethena Removes Investor Unlocks and Proposes Buyback Mechanism

Ethena's ENA token saw a significant surge of 23% as the Ethena Foundation made two major announcements to reduce selling pressure and strengthen long-term demand.

The Foundation bought out early investors, covering those holding above 0.25% of total supply, which should alleviate concerns around monthly investor unlocks.

This move is expected to give ENA a cleaner supply structure, reducing the number of tokens reaching exchanges during weak market conditions.