Bithumb added Ethena ENA to the KRW market, with trading volume rising over 100% despite the token’s recent price decline.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
Bithumb has added Ethena ENA $0.39 24h volatility: 9.4% Market cap: $2.06 B Vol. 24h: $214.92 M to its trading platform. The token is now available for trading starting today.
Ethena has begun trading exclusively in the South Korean Won (KRW) market. Users are allowed to deposit and withdraw ENA only through the Ethereum network, as other networks are not supported. Deposits and withdrawals were available within three hours of the announcement, while actual trading commenced at 6:00 PM KST on February 25, 2025. The starting price for ENA was set at 536 won, with 33 deposit confirmations recorded at the time.
As part of the launch, Bithumb hosted an airdrop event. Users who trade ENA for two consecutive days will receive additional ENA tokens as a promotional reward.
To ensure fair trading, Bithumb implemented several restrictions. During the first five minutes after trading began, users were not allowed to place buy orders. Additionally, sell orders during this period could not be priced more than 10% below or 100% above the base price. Automatic orders could only be set after the first transaction had occurred.
Transactions were only processed through approved exchanges to prevent money laundering. Deposits made from unapproved exchanges were not credited.
With the addition of Ethena, Bithumb continues to expand its cryptocurrency offerings while maintaining its commitment to secure and regulated trading.
The addition of the ENA token on Bithumb could further expose the token to more traders and investors, potentially leading to a price increase. The price of ENA has plummeted by more than 6% in the last 24 hours. However, it has strong trading volume, which has surged by more than 100% within the same timeframe, indicating significant market activity around the token.
Ethena operates as a synthetic dollar protocol on the Ethereum blockchain. It supports a synthetic asset called USDe, which users can create by providing collateral. The protocol manages these assets to maintain a stable value, allowing users to earn rewards through staking and funding fees from short selling.
The ENA token has various use cases within the Ethena ecosystem. People holding the token have the opportunity to participate in governance decisions regarding the platform and can stake their tokens to earn rewards.
The platform was ranked among the top 15 blockchain protocols and platforms that have seen the highest percentage growth in fees generated over the past 90 days. CryptoDiffer revealed that Ethena had experienced more than 183% growth in fees, generating $128 million over 90 days.
Ethena recently raised $100 million through a private sale of its governance tokens. The funds will support the development of its institutional product, iUSDe, and ecosystem expansion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
