Ethena (ENA) Price Spikes After Upbit Listing Announcement, Defying Token Unlock Pressure
The Ethena stablecoin protocol’s ENA token has seen a sharp price increase after being officially listed on South Korea’s largest exchange, Upbit. Despite facing supply pressure from token unlocks, ENA has maintained its upward momentum, demonstrating growing investor interest and the solidity of the project’s development strategy.
Upbit Announces ENA Listing
On the morning of July 12, Upbit released an official announcement stating that ENA will be traded against three pairs: KRW (Korean Won), BTC (Bitcoin), and USDT (Tether). Trading will begin at 17:00 KST, along with support for deposits and withdrawals via the Ethereum network.
The exchange also advised users to carefully check the contract address before making transactions related to ENA, and warned of the possibility of transaction delays if liquidity does not meet requirements after listing.
This is part of Upbit's aggressive product expansion plan, as the exchange has previously added Hyperlane (HYPER) and Babylon (BABY), two emerging tokens, to its trading portfolio. Each listing has led to a significant increase in the price of the included assets, and ENA is no exception.
ENA surges after the news
Immediately after the information was announced, the price of ENA jumped rapidly. From around $0.327, the token shot up to a peak of $0.390, equivalent to an increase of nearly 19.3%. Although it later corrected slightly and traded around $0.357, ENA still maintained a gain of nearly 10% as of the time of writing.
Notably, ENA has increased by more than 42% over the past two weeks, despite pressure from major token unlocks. Specifically, on July 2, more than 40.6 million ENA were released, and just three days later, another 171.9 million tokens were unlocked. In total, more than 210 million new tokens have entered the market this month, a factor that usually puts downward pressure on prices. However, the upward momentum is still maintained thanks to strong demand and positive expectations from the community.
Ethena records impressive revenue growth
In addition to price movements, the Ethena platform is also showing remarkable financial growth. According to data from CryptoRank, the total cumulative revenue of the protocol reached $290.2 million as of July 9. This is an extremely impressive number for a young project in the stablecoin field.
Ethena is currently ranked as one of the world's leading stablecoin issuers, behind only giants such as Tether, Circle, and Sky. Notably, it is the second fastest platform to reach $100 million in revenue after only 251 days since its launch.
This growth comes from Ethena's effective combination of an algorithmic stablecoin model with revenue generation strategies through staking, decentralized finance (DeFi) protocols, and novel asset stabilization mechanisms.
Positive signals for the future of ENA
ENA's listing on Upbit not only helps expand its access to Asian investors, but also is a testament to the project's long-term potential. In the context of the recovering altcoin market, tokens with good fundamentals and real revenue like ENA are attracting the attention of both institutional and individual investors.
Despite the pressure from increased supply due to token unlocking, the stability of ENA’s price momentum shows strong confidence in Ethena’s vision and performance.
Conclusion
The listing of ENA on a leading exchange like Upbit is a major milestone, helping to increase the project’s liquidity and brand recognition in the international market. With strong price performance, impressive revenue, and a strategic development team, Ethena is asserting its position in the stablecoin race, one of the most competitive segments of the blockchain industry.
The current positive developments could be the premise for a longer-term growth period for ENA, especially as the market continues to improve and new money flows into projects with solid foundations.