Ethena's ENA Token Could Skyrocket to $2 by 2028, Outperforming Bitcoin and Ethereum

Standard Chartered released an analysis of Ethena's ENA token, predicting it could rise sevenfold by 2028.

The bank initiated coverage with a $2 year-end target for ENA, up from about $0.28 currently, and forecasts the token reaching $0.42 at the end of 2026 and $1.10 in 2027 before accelerating further the following year.

This projection would leave ENA outperforming Standard Chartered's expected gains for both Bitcoin and Ethereum over the same period.

The bank's thesis rests on Ethena finding new sources of yield as returns from its original crypto trading strategy decline, while generating enough revenue from a much larger USDe base to make ENA increasingly valuable to holders.