Ethena (ENA) Price Spikes 19.27% Following Upbit’s Listing Announcement

South Korea’s largest cryptocurrency exchange by trading volume, Upbit, has officially announced the listing of Ethena’s native token, ENA.

Following the announcement, ENA saw a double-digit surge during Friday’s early Asian trading hours.

Ethena’s ENA Token Rises After Upbit Listing

In an official notice released today, Upbit revealed that the ENA will be available to trade against three trading pairs: the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Furthermore, trading will begin at 5:00 PM Korean Standard Time (KST) today.

The deposits and withdrawals for ENA will commence within two hours of the announcement. The exchange added that deposits are exclusively supported through the Ethereum network.

It also encouraged users to verify the network before making any deposits. Furthermore, if sufficient liquidity is not secured after the announcement, the start time for trading support may be postponed.

“The contract address for ENA supported by Upbit is 0x57e114B691Db790C35207b2e685D4A43181e6061. Please confirm the contract address when proceeding with ENA deposits/withdrawals,” the notice reads.

The listing announcement shows Upbit’s continued push to expand its offerings, following yesterday’s additions of Hyperlane (HYPER) and Babylon (BABY). These listings sparked notable price increases for the altcoins, a pattern that also held true for ENA.

Market data showed that ENA rose from around $0.327 to $0.390, marking an appreciation of 19.27%. It shed some of these gains to trade at $0.357 at the time of writing. Still, it was up $9.9%.

Ethena (ENA) Crypto Token Performance. Source: TradingView

Furthermore, over the past two weeks, ENA has experienced a 42.3% uptick. This is especially notable given the fact that over 210 million new ENA tokens entered the market. 

Data from Tokenomist revealed that ENA saw two token unlocks this month. On July 2, the team released 40.63 million tokens. Shortly after, on July 5, another 171.88 million tokens were unlocked. Despite this, ENA maintained upward momentum. 

In addition, the growth of the Ethena protocol has been equally notable. According to CryptoRank, the protocol’s total revenue reached $290.2 million on July 9. This places it among the top stablecoin issuers globally, following Tether, Circle, and Sky.

The research and analytics platform also stressed that Ethena was the second fastest platform to reach $100 million in cumulative revenue, a milestone it achieved just 251 days after launch.