Ethena ($ENA
) Quick Update: Feb 8, 2026
$ENA is currently in a "make or break" zone. Here’s the summary:
💰 Price Check: Trading around $0.126. It has faced nearly 46% drop in the last 30 days, currently testing a major support level.
⚖️ The Big Move: A critical governance vote for the "Fee Switch" is near. If passed, ENA stakers could start earning a share of protocol revenue—a huge bullish catalyst.
⚠️ Regulatory Watch: Brazil is moving to ban algorithmic stablecoins (targeting USDe), which has created some market fear (FUD).
🐳 Whale Action: Large investors are holding steady, defending the $0.12 support line despite heavy selling pressure.
Verdict: High risk, high reward. If the $0.12 support holds and the fee switch activates, a recovery is likely. If it breaks, expect further downside.