$ENA
Ena currently trading now 0.25....+8.01% bullish trend...The price action doesn’t look great, but quite a lot has been happening with Ethena’s fundamentals lately.
USDe’s supply is currently around $4.9 billion. It grew by more than $700 million in September alone, and USDe has just entered the TRON ecosystem. It has also become the second-largest collateral asset on Morpho.
More notably, Standard Chartered officially began covering Ethena this week, setting a year-end 2028 price target of $2 for ENA and projecting that USDe could eventually grow from $4.9 billion to $40 billion.
Today also happens to bring a one-time unlock of around 1.41 billion ENA, so short-term supply pressure is certainly a factor.
But when I look at ENA now, I’m more interested in how the market will revalue a protocol that has already built a stablecoin supply of nearly $5 billion once this unlocked supply has been absorbed.
#FutureTarding
Ena currently trading now 0.25....+8.01% bullish trend...The price action doesn’t look great, but quite a lot has been happening with Ethena’s fundamentals lately.
USDe’s supply is currently around $4.9 billion. It grew by more than $700 million in September alone, and USDe has just entered the TRON ecosystem. It has also become the second-largest collateral asset on Morpho.
More notably, Standard Chartered officially began covering Ethena this week, setting a year-end 2028 price target of $2 for ENA and projecting that USDe could eventually grow from $4.9 billion to $40 billion.
Today also happens to bring a one-time unlock of around 1.41 billion ENA, so short-term supply pressure is certainly a factor.
But when I look at ENA now, I’m more interested in how the market will revalue a protocol that has already built a stablecoin supply of nearly $5 billion once this unlocked supply has been absorbed.
#FutureTarding
