CoinMeta Data: According to a report by Standard & Poor's, Standard & Poor's expects the ENA token of Ethena to reach $2 by the end of 2028, believing that repurchases funded by protocol revenue will drive up prices. In a research report released on Wednesday, the firm projected that ENA will reach $0.42 by the end of 2026 and $1.10 by the end of 2027, stating that reaching $2 would mean a roughly 7-fold increase from the report's reference price of $0.28, which exceeds its forecasts for Bitcoin and Ethereum. The trading price of ENA on Wednesday was close to $0.25. The core of the repurchase program lies in the fee switch approved by ENA holders on September 8th; this switch will allocate 95% of net income to repurchasing ENA. As the supply of USDE increases, the share of revenue allocated also grows, with no repurchases planned until the supply reaches $7.5 billion. Kendrick estimates that by the end of 2028, USDE could reach $40 billion. The firm's model refers to the annualized repurchase rate of Uniswap and Uniswap, which is expected to stabilize between 3% and 4% after going live in December 2025.