ENA Surges 10% as Ethena Proposes Revenue-Funded Token Buybacks

Key Facts

1ENA price surged 10% to $0.16, making it the top performer among the top 50 cryptocurrencies by market cap.

2The Ethena Foundation proposed a revenue-funded ENA buyback program to address selling pressure.

3New measures include repurchasing locked tokens from seed investors and accelerating the remaining unlock schedule.

In a move aimed at addressing supply concerns and bolstering holder confidence, the ENA token rallied 10% to reach $0.16. According to reports, the token became the top performer among the top 50 cryptocurrencies by market cap following the Ethena Foundation's proposal for a new buyback program. This strategic shift is designed to tackle persistent selling pressure and clarify the distribution of economic value within the ecosystem.

The proposed initiative involves using protocol revenue to fund ENA buybacks, specifically targeting the repurchase of locked tokens from seed investors. Based on analyst data, the measures also include an acceleration of the remaining token unlock schedule to reduce market overhang. Per market insights, this approach reflects the Foundation's intent to restructure investor obligations to ensure long-term price stability.

Regarding price action, ENA showed strong momentum as of the close on August 28, 2026, though technical indicators suggest it has entered overbought territory. Traders are now watching the formal implementation of the proposal as a primary catalyst for sustained upside. In the absence of updated real-time pricing, the outlook remains tied to the Foundation's success in reducing circulating supply and mitigating early investor exits.