Coinbase, one of the leading cryptocurrency exchanges, has officially included Ethena’s native token, ENA, in its listing roadmap.
The announcement led to a modest price increase of 8.6% in ENA during Tuesday’s early Asian trading hours.
In a statement shared via X (formerly Twitter), Coinbase Assets confirmed the inclusion of Ethena (ENA). The post specified that the token’s ERC-20 contract address is 0x57e114B691Db790C35207b2e685D4A43181e6061.
Nevertheless, the exchange clarified that the commencement of ENA trading will depend on certain conditions. These include increased market-making support and the development of adequate technical infrastructure.
Coinbase mentioned it would issue a separate announcement once these requirements are fulfilled, guaranteeing a smooth integration for traders. ENA now joins QCAD (QCAD) in Coinbase’s listing roadmap, although the list is not exhaustive.
“Transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds,” the exchange stated.
Following the news, ENA’s price jumped from $0.312 to as high as $0.338, marking an appreciation of 8.6%. However, the gains generated by this announcement subsided shortly after. BeInCrypto data showed that ENA dropped to $0.329 at the time of writing.
The trading volume for ENA also surged. It reached $254 million in the last 24 hours, representing a 91.7% increase. This indicated heightened market activity and investor interest.
The activity observed is quite typical of previous Coinbase roadmap announcements, where such news often leads to a price rise. However, despite the general trend, ENA’s gains were relatively modest in comparison to other assets like TokenBot (CLANKER), doginme (DOGINME), or Freysa AI (FAI), which experienced more significant surges after a similar addition.
The timing of Coinbase’s announcement aligns with a critical moment for Ethena. Earlier on Monday, over 40 million ENA tokens, valued at approximately $12 million, were unlocked, raising concerns about a potential sell-off.
Contrary to expectations, the token held steady. BeInCrypto highlighted that ENA only slipped by 1% in the aftermath of the unlock.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
The landmark stablecoin legislation, the GENIUS Act, could be on Trump’s desk by the end…
Upbit, South Korea’s largest cryptocurrency exchange by trading volume, has announced the listing of four…
U.S. banking regulators have issued a statement clarifying the rules around cryptocurrency safekeeping, or custody,…
Tensions in the crypto sector escalated over the weekend following allegations that Coinbase was the…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Pump.fun’s long-anticipated…
Gold advocate Peter Schiff has dismissed Bitcoin’s 21 million supply cap as an arbitrary construct,…