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 worth 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 by way of X (previously Twitter), Coinbase Assets confirmed the inclusion of Ethena (ENA). The submit specified that the token’s ERC-20 contract tackle is 0x57e114B691Db790C35207b2e685D4A43181e6061.
However, the change clarified that the commencement of ENA trading will depend on sure situations. These embody elevated market-making help and the event of adequate 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 listing will not be exhaustive.
“Transfers and buying and selling usually are not supported for these or some other belongings till an inventory is formally introduced. Depositing these belongings into your Coinbase account earlier than an official announcement might result in everlasting lack of funds,” the exchange said.
Following the information, ENA’s worth jumped from $0.312 to as excessive as $0.338, marking an appreciation of 8.6%. Nevertheless, the good points generated by this announcement subsided shortly after. BeInCrypto information confirmed that ENA dropped to $0.329 on the time of writing.
The trading volume for ENA also 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 sort of typical of earlier Coinbase roadmap bulletins, the place such information usually results in a worth rise. Nevertheless, regardless of the final development, ENA’s good points had been comparatively modest compared to other assets like TokenBot (CLANKER), doginme (DOGINME), or Freysa AI (FAI), which experienced more significant surges after an analogous addition.
The timing of Coinbase’s announcement aligns with a crucial second for Ethena. Earlier on Monday, over 40 million ENA tokens, valued at roughly $12 million, had been unlocked, elevating issues a couple of potential sell-off.
Opposite to expectations, the token held regular. BeInCrypto highlighted that ENA only slipped by 1% within the aftermath of the unlock.
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