🚨 STANDARD CHARTERED SEES $ENA AT $2… BUT THERE’S A CATCH 👀
Standard Chartered just initiated coverage on Ethena and set a $2 target for ENA by the end of 2028.
That’s a massive long-term thesis.
The bank is betting on Ethena’s exposure to:
🔥 Stablecoins
🔥 Perpetuals
🔥 Tokenized assets
🔥 Growing USDe adoption
🔥 Future ENA buybacks
But here’s what makes this interesting:
The buyback engine isn’t fully switched on yet.
The first buyback threshold is tied to USDe reaching around $7.5B, while current supply remains below that level.
And on October 5, roughly 1.4B ENA is scheduled for the final investor unlock, according to Tokenomist.
So ENA now has two very different forces:
📈 Long term: institutional bullish thesis + USDe growth + potential buybacks
⚠️ Near term: large token unlock + buyback threshold still ahead
The real question:
Can ENA absorb the near-term supply and grow into the $2 thesis?
$ENA
Standard Chartered just initiated coverage on Ethena and set a $2 target for ENA by the end of 2028.
That’s a massive long-term thesis.
The bank is betting on Ethena’s exposure to:
🔥 Stablecoins
🔥 Perpetuals
🔥 Tokenized assets
🔥 Growing USDe adoption
🔥 Future ENA buybacks
But here’s what makes this interesting:
The buyback engine isn’t fully switched on yet.
The first buyback threshold is tied to USDe reaching around $7.5B, while current supply remains below that level.
And on October 5, roughly 1.4B ENA is scheduled for the final investor unlock, according to Tokenomist.
So ENA now has two very different forces:
📈 Long term: institutional bullish thesis + USDe growth + potential buybacks
⚠️ Near term: large token unlock + buyback threshold still ahead
The real question:
Can ENA absorb the near-term supply and grow into the $2 thesis?
$ENA
