Ethena faces a significant challenge as 266 million ENA tokens prepare to unlock in two phases. The first phase, valued at $34 million, initiates today, creating potential sell pressure. According to CryptoRank.io, this significant unlock could impact ENA’s market performance substantially.

As investors anxiously await the impact of this token unlock, analysts suggest that the large number of tokens entering circulation may provoke volatility in the ENA price.

This token unlock follows a broader trend in the cryptocurrency market, where unlock events often lead to price fluctuations. Market participants are now keenly observing how ENA will respond in the immediate aftermath of the unlock.