Ethena price is having a bit of a rough patch today. The token is trading around $0.7046, down about 3%, even as trading volume is up more than 40%.
After rallying over 70% in the last two months, ENA is now cooling off while traders weigh some fresh supply and big decisions ahead.
What you'll learn 👉
Why ENA Price Is Pulling Back
The main reason for today’s weakness is token unlocks and profit-taking. On August 5, Ethena unlocked about 171.8 million ENA tokens worth more than $120 million, bringing total unlocked supply to roughly 41%.
On-chain data shows whales have moved around 80 million ENA to exchanges in just two weeks, which points to early investors cashing out after a strong run.
It makes sense. ENA price had a huge 60-day rally of around 76%, so some selling pressure was inevitable. More supply hitting the market while traders lock in gains adds to the short-term drag.
There’s also some uncertainty around Hyperliquid’s USDH proposal. Ethena wants to issue the BlackRock-backed USDH stablecoin and offer 95% revenue sharing plus $150 million in incentives, but the plan hit a snag with delayed validator votes after the September 14 deadline. The idea is still bullish for long-term adoption, but for now, the lack of clarity is cooling sentiment.
Fresh Whale Buying and Positive Developments
Even with these challenges, there are clear signs of strength. Big wallets are buying the dip. BeInCrypto reports whales have added around 1.2 billion ENA tokens worth about $828 million ahead of the upcoming FOMC meeting. Technical traders are also pointing to a bullish RSI divergence, which can hint at a rebound.
Ethena isn’t standing still either. A strategic investment and partnership with BasedOneX helped drive a 4x revenue jump there, and Based now makes up about 20% of Hyperliquid’s daily perps volume.
Plus, USDe and sUSDe just launched on Avalanche, so Ethena assets can now be used across major DeFi lending and trading apps on that chain, with extra AVAX rewards and Ethena Points.
All of this shows that while price is pausing, Ethena’s real-world activity is still picking up.
Read Also: Expert Says SEI Price Could Rebound as Key Indicator Flashes “Buy” Signal
What 10,000 ENA Tokens Could Be Worth in 2026
So where might this all lead if you’re holding 10,000 ENA tokens? Here are three possible paths.
Pessimistic Scenario
If unlocks keep flooding the market and the USDH proposal drags on, ENA price could slide back to around $0.40–$0.50. That would put 10,000 tokens at about $4,000 to $5,000.
Realistic Scenario
If whale buying continues and Ethena executes on Avalanche growth and USDH integration, ENA could settle in the $1.50–$2.00 range over the next couple of years. That would value 10,000 ENA at about $15,000 to $20,000.
Optimistic Scenario
If everything clicks, strong partnerships, BlackRock-backed adoption, and a full-on crypto bull run, ENA price could break out toward $3 or more, turning 10,000 ENA into $30,000 or more.
Ethena is taking a breather after a big rally, but whale accumulation and new partnerships show the project is far from slowing down. If the team keeps expanding and the market stays supportive, 10,000 ENA tokens could be worth a lot more by 2026, the only question is how much patience holders are willing to have along the way.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
