Ethena’s native token ENA slid nearly 4% to an intraday low of $0.11 on Monday, caught in a broader market selloff that pushed Bitcoin below $79,000. The drop came as whale activity for ENA hit a five-week high and the Ethena network logged its largest daily surge in new wallet addresses in over three months. All this unfolds just days before a governance vote on the long-awaited fee switch.
Fee switch in focus
The Ethena Foundation confirmed last week that all conditions for activating the fee switch have been satisfied. A formal governance vote is now pending. That news sent ENA to $0.14 on May 10 — a brief pump that has since evaporated. The fee switch would redirect protocol revenue to token holders, a mechanism many in the community have been waiting for. But broader macroeconomic headwinds have stolen the spotlight.
Network metrics and whale activity
Despite the price slide, on-chain activity tells a different story. Whale transactions for ENA hit their highest level in five weeks, suggesting large holders are either accumulating or repositioning ahead of the vote. The Ethena network also saw its strongest daily new-wallet creation in more than three months. On May 7, Grayscale added ENA to its DeFi Fund, a stamp of institutional attention. A $310 million USDC transfer on the Ethena network injected fresh liquidity, and LayerZero’s temporary bridge suspension on May 9 kept Ethena in the spotlight as users adjusted to the disruption.
Broader market pressure
The price decline is mostly about the macro mood. U.S. producer price index data came in hotter than expected on Friday, stocks slid, and Bitcoin tumbled below $79,000. ENA wasn’t alone — Ethereum hovered around $2,250, Solana sat at $90, and XRP slipped under $1.50. When risk assets bleed, even a token with a catalyst like the fee switch vote struggles to hold gains.
Technical outlook
On the 4-hour chart, RSI and MACD both point to further downside. Traders are eyeing the $0.10 level as the next major support. If that breaks, the path lower could open up. The fee switch vote is the obvious event risk that could reverse sentiment — but for now, the market’s in control.
The next concrete milestone is the governance vote. No date has been set yet, but the Ethena Foundation has said everything is in place. Token holders will decide whether to flip the switch.
