Coinbase, one of many main cryptocurrency exchanges, has formally included Ethena’s native token, ENA, in its itemizing roadmap.
The announcement led to a modest value enhance of 8.6% in ENA throughout Tuesday’s early Asian buying and selling hours.
Coinbase Provides ENA To Itemizing Roadmap
In a press release shared through X (previously Twitter), Coinbase Belongings confirmed the inclusion of Ethena (ENA). The put up specified that the token’s ERC-20 contract tackle is 0x57e114B691Db790C35207b2e685D4A43181e6061.
However, the change clarified that the graduation of ENA buying and selling will depend upon sure circumstances. These embrace elevated market-making help and the event of ample technical infrastructure.
Coinbase talked about it could concern a separate announcement as soon as these necessities are fulfilled, guaranteeing a clean integration for merchants. ENA now joins QCAD (QCAD) in Coinbase’s itemizing roadmap, though the record isn’t exhaustive.
“Transfers and buying and selling will not be supported for these or another property till a list is formally introduced. Depositing these property into your Coinbase account earlier than an official announcement could result in everlasting lack of funds,” the change said.
Following the information, ENA’s value jumped from $0.312 to as excessive as $0.338, marking an appreciation of 8.6%. Nevertheless, the beneficial properties generated by this announcement subsided shortly after. BeInCrypto knowledge confirmed that ENA dropped to $0.329 on the time of writing.
The buying and selling quantity for ENA additionally surged. It reached $254 million within the final 24 hours, representing a 91.7% enhance. This indicated heightened market exercise and investor curiosity.
The exercise noticed is kind of typical of earlier Coinbase roadmap bulletins, the place such information typically results in a value rise. Nevertheless, regardless of the final development, ENA’s beneficial properties had been comparatively modest compared to different property like TokenBot (CLANKER), doginme (DOGINME), or Freysa AI (FAI), which skilled extra vital surges after an analogous addition.
The timing of Coinbase’s announcement aligns with a vital second for Ethena. Earlier on Monday, over 40 million ENA tokens, valued at roughly $12 million, had been unlocked, elevating considerations a couple of potential sell-off.
Opposite to expectations, the token held regular. BeInCrypto highlighted that ENA solely slipped by 1% within the aftermath of the unlock.
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