Alright, so Ethena’s dropping like my hopes on a bad date, huh? Turns out they just whipped out a cool $106 million in tokens – you know, like a kid at a candy store but instead of sweets, it’s $100 million worth of ENA. And what does that mean? Well, maybe some folks are thinking, “Hey, let’s sell this before it tanks,” or they’re just happy to cash out and buy a yacht-or a really fancy latte. ☕️
- Ethena’s ‘big moment’ – unlocking $106M worth of ENA. Could be a recipe for chaos or just a really expensive garage sale.
- Chaos Labs, the risk geeks, are sweating over Ethena’s $4.7B long love affair with Aave. They’re basically screaming, “Watch out, this house of cards might collapse!”
- Technicals? Well, they kinda look tired. Momentum’s weak, but it’s holding onto support like a cat on a windowsill. 🐱
Right now, ENA’s at 58 cents-down 2.9% in a single day. It’s like waking up to find your New Year’s resolution already broken. It shot up 130% last month, but then, boom, it’s back down 5.6% this week. Looks like the recent dip’s got everything to do with token supply and a dash of “let’s be careful with Aave.”
Token unlocked, supply goes brrr
On August 5th, they just released 171.8 million ENA-roughly $100 million-like giving away free samples but instead, these are actual tokens. That’s about 2.6% of the whole supply, probably enough to send the price sliding if folks decide to liquidate faster than me ordering a second bag of chips. But hey, some of Ethena’s recent growth, thanks to shiny partnerships and companies wanting to hold tokens, might stop this train from crashing-at least for now.
And despite all that? Trading volume’s still high-the market’s basically bouncing between “not bad” and “oh, really?” with almost a billion dollars traded in 24 hours. Big money, little problems… well, maybe a little problem.
Aave: The Risky Business
Now about Aave-yeah, the big fish. Surprisingly, over 55% of USDe’s backing assets are tied up on Aave’s boat-riding on $4.7 billion of good ol’ collateral. You know how I love to reorder things-this ‘rehypothecation’ thing, where assets support multiple things at once, sounds like borrowing from Peter to pay Paul. Risks? Oh, plenty. Chaos Labs is waving a red flag: if everyone goes, “Yikes, I want out,” Aave and Ethena could both be in for a rough ride. Meanwhile, USDe’s total supply shot up 75% last month, so everybody’s swimming in dollars. Or maybe drowning. Either way, it’s dicey.
Technical analysis: or, how charts tell stories
Price-wise, ENA’s cooling off but not out-support levels are still holding, much like a bad haircut trying to look confident. The Relative Strength Index? Neutral, like a jury that can’t decide whether to convict or set free. Bollinger Bands? They’re tighter, which means less volatility-probably a good thing unless you’re into rollercoasters. 🎢
Most moving averages are still pointing up-so, despite the drama, the longer-term outlook isn’t completely out of the woods yet. ENA’s above its 50- and 100-day averages, sitting pretty at $0.414 and $0.389. But watch out, if it dips below $0.56-$0.58, it might slide to $0.52. Still, if the market finally gets its act together, we could bounce back above $0.60 and maybe even test $0.65. Or, you know, we could all just go back to bed.
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2025-08-05 11:51