Standard Chartered Targets $2 ENA as Ethena Expands Buyback Sources
Ethena (ENA)
Editor:
Eugene Serbin
cryptocurrency.com.tr reports that Standard Chartered has initiated coverage of Ethena with a $2 price target for ENA. The bank forecasts that the USDe supply will grow eightfold to $40 billion by the end of 2028. This valuation implies ENA could outperform Bitcoin and Ether through 2028.
The forecast suggests USDe will slightly outpace the broader stablecoin market. However, the bank notes these are projections rather than assured returns. Success depends on the protocol expanding revenue and directing enough toward token demand.
Ethena is starting stock-perp allocations on Binance today. This allows USDe to earn from tokenized stocks in addition to crypto funding. Buybacks only commence once USDe supply reaches specific thresholds. The bank’s reference price for ENA was $0.28, making the $2 target roughly seven times higher.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 1 October 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.2649 with a 1-hour buy ratio of 52.6% and a 4-hour buy ratio of 56.9%. These short-term figures indicate active buying pressure, contrasting with the 24-hour buy ratio of 47.6%. The volume delta reflects this shift, showing positive inflows of +$125,746 in the last hour and +$1,228,981 over four hours. Over the full 24-hour period, the volume delta is -$4,903,294, with a cumulative volume delta of -$1,146,574 at close. This means net selling pressure has outweighed buying pressure over the day despite recent positive flows. Spot volume reached $102,964,878 with 425,476 trades recorded. Net buying occurred for 18 of the 24 hours, suggesting intermittent but sustained interest.
The latest daily buy ratio of 50.0% sits at the 67th percentile of the last 323 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
The 24-hour buy ratio of 47.6% is slightly below the 7-day average of 48.5%, a difference of 0.9 percentage points. Volume for the day was 1.52 times the average, indicating significantly higher activity than usual. This elevated volume contrasts with the weekly volume delta of -$18,976,989, showing sustained outflows over the preceding week. Price increased by 28.5% over the 8-day period, yet only 2 of the 7 days saw net buying. This suggests the recent price rise was driven by volume spikes rather than consistent daily accumulation. Today’s activity represents an unusual day for the coin due to the volume surge despite the lower buy ratio.