Standard Chartered's ENA Price Target Faces Imminent 1.4 Billion Token Unlock

Standard Chartered recently initiated coverage on Ethena (ENA) with a 2028 price target of $2, citing RWA growth and yield-bearing stablecoin potential. However, analysts warn that the protocol's buyback mechanism remains inactive because USDe supply has not reached the required $7.5 billion threshold. Furthermore, a massive unlock of 1.4 billion ENA tokens—approximately 14% of the circulating supply—is scheduled for October 5, creating significant selling pressure that may overshadow the long-term institutional outlook.