Coinbase Adds Ethena (ENA) to Listing Roadmap, Sparking 8.6% Price Surge

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.

Coinbase Adds ENA To Listing Roadmap

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. 

Ethena (ENA) Price Performance. Source: BeInCrypto

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.