Ethena Slides as Binance Hack Triggers Massive Token Sell-Off

The massive divestment was part of a broader laundering operation by the hackers, who converted stolen ENA, UNI, and PEPE into Ethereum. According to data from Lookonchain, the attackers offloaded 7.02 million UNI and 7.77 trillion PEPE, generating roughly 70,480 ETH in total. While the market reacted with volatility, Ethena’s USDe stablecoin remained largely resilient, dipping only briefly to $0.9974 before stabilizing. Analysts at Santiment noted that USDe’s supply saw minimal fluctuation during the incident, contrasting sharply with the 16% four-hour price plunge suffered by ENA.

Technical indicators suggest ENA continues to struggle against downward momentum. With the Know Sure Thing indicator at -86.53 and the Aroon Oscillator at -64.29, the token faces stiff resistance at the $0.20 and $0.22 levels. While some traders have attempted to capitalize on the dip—evidenced by a $4.09 million leveraged long position opened on Hyperliquid—the token remains down nearly 28% over the past month. Investors are now watching for any impact from the foundation's pending tokenomics shift, which aims to direct revenue toward ENA repurchases once USDe supply hits a $7.5 billion threshold.