Most locked ENA came free at once on Oct 5.
ENA is the token of Ethena, the USDe dollar. 13.41B of 15B coins circulate; only the core team's coins are still locked.
Sell pressure. Unlocks added 3.85B ENA in 90 days, most on Oct 5 2026, when investor, Foundation and ecosystem coins came free early. Next, only the team's 93.75M a month: 281.25M in 90 days.
Buy pressure. Nothing buys or burns ENA yet. Buybacks wait until USDe reaches $7.5B; it is near $4.77B.
Net. Net, supply grew 28.68%, and about 2.10% next.
Exactly 15B ENA existed at both ends of the window, with nothing minted. The contract keeps an owner-only mint of up to 10% of supply once a year, held by a timelock, and it has never been used. Stakers are not paid in new ENA.
Three monthly rounds of 267.19M ENA (core team, investors, Foundation, ecosystem) on Aug 5, Sep 5 and Oct 5 2026 add 801.56M. On Oct 5 2026 the last 1.33B investor coins, once due monthly to 2028, were released in one go, so investors got 1.41B ENA that day. From now on only the core team is still vesting: 93.75M ENA a month from Nov 2 2026 to Mar 2028, which is 281.25M in the next 90 days.
The Foundation and ecosystem shares were also due monthly to 2028. On Oct 5 2026 their last 1.72B ENA (18 rounds of 95.31M) became free early, together with the investor coins; Ethena now says only about 12% of supply stays locked. Tracked holders, all counted as circulating: an Ethena custody wallet with 1.24B ENA (1.36B in July), the treasury company's 3.03B ENA in three wallets (no change in 90 days), and the locked investor coins the Foundation bought back in August (amount not disclosed). No buyback wallet exists yet.
No bankruptcy estate or trustee holds ENA. The treasury company that bought about 3.03B ENA from Ethena saw its lock-ups end on Oct 5 2026, but the circulating count follows Ethena's own unlock calendar, so the lock ending adds nothing beyond row 3. A sale still needs the Foundation's written consent, and the Foundation may buy first.
Holders voted the fee switch through in September 2026: up to 95% of the Foundation's net revenue will buy ENA, but only once USDe averages $7.5B over 14 days. USDe is near $4.77B, so nothing is being bought yet, and Ethena has not said whether bought coins will be burned, held or locked.
Ethena's fees go to USDe stakers, partners and the reserve, not to burning ENA. Supply stayed at 15B and the dead address held the same 2.63 ENA at both ends of the window.
In August 2026 the Foundation bought still-locked coins from seed investors who had been selling. Those coins were outside the circulating count when bought, so the purchase took nothing off the market; they were released with the rest on Oct 5 2026.
Staked ENA (sENA) fell from 1.02B to 973M over the window, and staked coins still count as circulating. No new lock-up took coins out of the float.
Two sides: how much people want ENA right now, and how much buying could come later.
This part is based on social media. It shows how hot ENA is right now. A better rank means more people are talking about it.
Today, people are talking about ENA for two reasons:
ENA is near $0.19 on Oct 17 2026, down about 14% in 7 days and about 35% below its Sep 27 2026 high near $0.29. Many traders who bought with borrowed money were forced out in the Oct 12 2026 sell-off. People ask if the $0.19 area can hold.
A public risk review on Oct 13 2026 said about 51% of USDe's backing, now about $4.7 billion, is lent out in DeFi and to institutions, and only about a quarter sits in stablecoins. Lent money can take time to call back, and only approved users can redeem USDe directly. People ask if USDe could pay everyone back fast in a hard market.
Checked Oct 17 2026
Supply and demand point to a mixed long-run signal for Ethena (Oct 17 2026, score 4/10). Ethena adds +2.10% new supply in 90 days, and demand reads modest (2.5/5). Ethena's price drivers: 1 ▲ price up, 0 ▼ price down.
Ethena trades near 21 cents (Oct 17 2026). $1 a coin means a $13.4B market cap, 4.8 times today's $2.82B. Ethena's supply also grows +8.39% in the next year, so every extra coin needs buyers too. Supply and demand still read mixed for Ethena in the long run.
We would read Ethena differently if new supply keeps arriving (+2.10% in 90 days), or demand falls from modest. Until then Ethena's signal stays mixed.
Ethena scores 4/10 on our framework (Oct 17 2026): supply 1.5/5 (heavy), demand 2.5/5. Over the next year Ethena's supply changes +8.39%. The long-run signal is mixed.
Supply and demand favor Ethena most when little new supply is coming, demand is strong and the price drivers point up. Right now Ethena has +2.10% new supply in 90 days (heavy), demand modest (2.5/5), drivers 1 ▲ / 0 ▼.
Ethena's price drivers today: 1 pointing up, 0 pointing down, out of 2. ▲ USDe supply: About a third of its Oct 2025 peak; up since April 2026. • StablecoinX's ENA: Holds ~20% of all ENA; its lock-up ended Oct 5 2026.
Ethena: mixed signal, 4/10 · Bitcoin: positive signal, 8.5/10 (Oct 17 2026). By supply and demand, Ethena reads weaker than Bitcoin today.
Every answer here applies basic economic theory — the law of supply and demand — to this coin's data. It is not financial advice. How we read every coin →
We look at two things, half each: supply and demand. Fewer new coins mean less selling pressure. A meme coin scores 1.5 at most on supply: its team got its coins for free, so no new supply does not make it safe. We also show each coin's age, with a warning when it is younger than 1 year. Demand looks at how much people want the coin now and how much buying could come later. Price Drivers (Beta) are the 2 or 3 things that can move one coin's price that supply and demand miss; they have no score. ENA supply grows +2.10% in the next 90 days, so it shows in red: more ENA reaches the market than is removed. Zero or falling supply is always green, any growth is red.
One email before each big supply event, and the day our verdict changes. Nothing else. You can watch 2 coins for free.
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