Standard Chartered predicts Ethena's ENA token will reach $1.10 by 2027, driven by USDe growth and buyback activation.

Standard Chartered has set formal price targets for Ethena's ENA token, forecasting it to reach $0.42 by the end of 2026, $1.10 by the end of 2027, and $2.00 by the end of 2028. This bullish outlook depends heavily on the growth of USDe, Ethena's synthetic dollar, which must surpass $7.5 billion in supply to activate a fee switch that directs 95% of protocol revenue to buy back ENA tokens. Currently, USDe supply is around $4.9 billion, below the activation threshold. The bank also expects Ethena to diversify its yield sources beyond perpetual futures into DeFi lending and real-world assets. Key upcoming events include a large token unlock on October 5, 2026, and monitoring USDe's growth to validate this forecast. The report highlights risks in scaling USDe while maintaining attractive yields but offers a rare clear investment thesis from a major bank on a mid-cap crypto token.

Ethena's ENA token is currently trading at Rp4.073 on Pluang as of Oct 07, 2026 18:23 WIB, showing a 1-day decline of 5.19%. The token's market capitalization stands at Rp55.86 trillion, with a 24-hour trading volume of Rp8.25 trillion. Pluang users show a buying preference with 59% buy orders against 41% sell orders, and the typical holding period is 44 days.