Standard Chartered Initiates Coverage on Ethena, Predicts ENA to Reach $2 by 2028
Highlights
- Standard Chartered has initiated its first coverage on Ethena and its ENA token.
- The bank predicts that the token could reach $2 by 2028.
- ENA is expected to benefit from several bullish catalysts including the team's planned buybacks.
Standard Chartered has initiated its first coverage of Ethena and its native ENA token, predicting it could rally to $2 within the next two years. The bank’s analyst, Geoff Kendrick, cited bullish catalysts that could spark this rally, including plans for tokenization, perpetual contracts, and token buybacks.
Standard Chartered Initiates Coverage On Ethena, Predicts ENA Rally
In a global research note, the Standard Chartered analyst said that they predict that the Ethena native token will reach $2 by the end of 2028. This notably represents an upside of about 600% from the token’s current price.
The bank cited factors such as Ethena’s USDe stablecoin as reasons it believes the ENA token could record such a massive rally. They noted that USDe was the fastest stablecoin to hit the $10 billion mark.
Kendrick also said Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, which they believe is bullish for the ENA token. He explained that the token could benefit from growth in these areas, along with the planned buyback.
As CoinGape reported, the Ethena Foundation announced it had bought out some early investors to address the supply overhang caused by monthly unlocks. It also unveiled the governance proposal for revenue buybacks. Under the proposal, the Foundation will use revenue across all business lines under the Ethena brand to buy back the native token.
Price Climbs Over 5%
The ENA token has surged over 5% amid Standard Chartered’s initial coverage of Ethena, trading at around $0.26, according to TradingView data. The token is also notably up over 77% in the past month.
The token’s latest gains also came as Bitcoin topped $85,000 on the back of soft inflation PCE data, which has lowered expectations of an October Fed rate cut. This is positive for risk assets, with the broader crypto market rebounding after last week’s pullback.
For more on tokenization, check out Best Platforms to Trade Tokenized Stocks
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