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Large ENA token unlock is coming – What does it mean for the market?
The Ethena Protocol plans to activate 172 million ENA tokens on January 2, 2026. The amount corresponds to 1.146% of the total supply and is estimated to have a current market value of approximately $36.07 million. At the current price of $0.22 per token, this massive unlock could have significant impacts on market dynamics.
Historical Patterns and Selling Pressure
Previous token unlock events in similar governance protocols have shown that large-scale unlocks often lead to volatile price movements. Traders and investors watch such dates closely, as they are traditionally associated with increased selling pressure and liquidity shifts. The ENA community should prepare for possible price fluctuations within this timeframe.
Blockchain Data Provides Clues
Current on-chain analyses indicate that the upcoming unlock will influence the token’s market dynamics. With circulating supply of about 7.96 billion ENA tokens out of a total supply of 15 billion, interesting proportions emerge. Governance tokens play a central role in the Ethena ecosystem, and their availability directly impacts both decentralization and market structure.
Conclusion for Investors
The planned ENA token activation on January 2, 2026, is a key event for the protocol. Investors should closely monitor market reactions to this 172 million token unlock and evaluate their positions accordingly.