You could’ve seen the $ENA buyback coming from a mile away. They skipped the ICO and chose to drop a token instead — and in my opinion, left a ton of money on the table. Could’ve easily been sitting at a $15–20B FDV, riding the stablecoin narrative right behind Circle. It’s the third largest stablecoin, they needed a fresh narrative to send $ENA. Buybacks do exactly that. Yes, I have spot bags. Yes, it was undervalued.

Market cap, not FDV.