🚀 Can Ethena (ENA) rise to $2 by 2030? Is the fee switch the key?
ENA's current price is around $0.12, down about 92% from its all-time high of $1.52 set in April 2024. In the face of such a significant pullback, the community is focused on whether ENA can return to its peak or even break $2 by 2030.
Core analysis points:
🔹 Fee Switch —— A qualitative change in valuation
The biggest expectation in the market right now is the distribution of protocol income. If the governance vote passes and activates the "fee switch", ENA will transform from a pure governance token into an asset that captures the value of the protocol. This is the core logic supporting a price move towards $2.
🔹 Institutional adoption rate of USDe
As the market capitalization of USDe grows and institutional interest increases, Ethena's dominance in the synthetic dollar space will directly reflect on ENA's long-term value. Some analysts predict that by 2030, ENA's target price range will be between $1.50 and $3.
🔹 Short-term challenges cannot be ignored ⚠️
On the road to 2030, there are still several hurdles:
March 2: A large unlock of 333 million ENA will occur, creating immense selling pressure in the short term. Progress delay: The Converge launch has been postponed, and the activation of the fee switch is still awaiting DAO voting.
📈 Summary:
If Ethena can successfully bind the interests of token holders through a dividend mechanism, $2 is not a dream. But before that, we need to pay attention to the unlocking performance in March and the implementation of the protocol upgrade.
What do you think? Can the fee switch save the coin price, or will the March unlock show us lower levels? 👇
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