Ethena's native token ENA has fallen from $10 in 2024 to approximately $1 by August 2026, with further declines continuing into October. The sustained downtrend has drawn scrutiny toward BitMEX co-founder Arthur Hayes, who is widely associated with the project. ENA traded near $1 as of August 22, 2026, and continued to face heavy selling pressure through today, marking a roughly 90% loss from its 2024 highs.