Ethena (ENA) token unlock event on April 5th could put downward pressure on price

Ethena (ENA) is experiencing a significant drop in value, falling almost 16% in the last 24 hours to $0.3012. The market cap has decreased to $1.62 billion, although trading volume has surged by 110.42%, reaching $301.80 million

Ethernas (ENA) price has fallen sharply in the last 24 hours. The token is down nearly 16% to $0.3012, and its market cap has decreased to $1.62 billion. However, trading volume has surged by 110.42% to reach $301.81 million, suggesting increased market activity as traders prepare for the upcoming token unlock.

On April 5 at 07:00 AM UTC, 171.88 million ENA tokens, worth around $52.98 million, will be unlocked. This represents 3.25% of the circulating supply and could put additional pressure on the price.

Ethernas current token distribution stands as follows:

This comes right after another token unlock on April 2, when 40.63 million ENA tokens, worth $12.52 million, were released into circulation. That was 0.77% of the circulating supply, and it clearly had an impact on price action.

Adding to the bearish sentiment, the entire crypto market is also under pressure. The global crypto market cap has dropped 2.48% to $2.65 trillion, while Bitcoin fell below $83,000 and Ethereum dipped under $1,800. The drop comes as the market grapples with fresh uncertainty, partly due to Donald Trump's tariff policies, which have added to the instability across financial markets.

For those who aren't familiar, Ethernas is a synthetic dollar protocol built on Ethereum. It's designed to offer a crypto-native alternative to traditional banking, with a globally accessible savings product called the "Internet Bond," which is dollar-denominated.

With another significant batch of tokens set to be unlocked soon and market sentiment already on edge, traders can prepare for possible volatility in the coming days.

CELO price is trading in the red today, down 7% in the last 24 hours to trade at $2.79 at the time of writing. The token has lost over 50% of its value year-to-date and is now trading at a price point last seen in November 2021.

The decline in CELO price comes as the token is set to unlock another installment of tokens soon. On April 4 at 11:00 AM UTC, another 150,000 CELO tokens will be unlocked, bringing the total unlocked to 2.76 billion.

The value of the unlocked tokens is currently around $307,200 at current market prices. However, with the token price falling sharply, this value could change by the time the tokens are unlocked.

The CELO token unlocks began in January with the release of 0.77% of the circulating supply. The unlocks will continue every two weeks, alternating between releasing 0.39% and 0.77% of the circulating supply.

The token unlocks are part of the CELO protocols recovery plan following a major hack in December 2022, which saw over $70 million in cryptocurrency stolen from the protocol.

Following the hack, CELO announced a recovery plan that includes a token unlock program, a community-led initiative to reimburse affected users, and a partnership with Chainlink to integrate an on-chain price feed for CELO into their system.

The recovery plan is expected to take several months to complete, and traders can expect to see continued volatility in the CELO token price as the unlocks progress.

The CELO token price is also being affected by the broader crypto market downturn, which has seen Bitcoin and Ethereum prices fall sharply in recent days.

The crypto market is currently in a bearish trend, with Bitcoin price falling below the $83,000 mark and Ethereum trading at around $1,700.

The market downturn is being driven by several factors, including concerns over inflation, rising interest rates, and geopolitical instability.

As the crypto market continues to be volatile, traders are advised to be cautious and manage their risk accordingly.output: Ethernas (ENA) price has fallen sharply in the last 24 hours. The token is down nearly 16% to $0.3012, reducing its market cap to $1.62 billion. However, trading volume has surged by 110.42% to reach $301.81 million, suggesting increased market activity as traders prepare for the upcoming token unlock.

On April 5 at 07:00 AM UTC, 171.88 million ENA tokens, worth around $52.98 million, will be unlocked. This represents 3.25% of the circulating supply and could put additional pressure on the price.

Ethernas