Largest ENA airdrop recipient missed out on over $1 million profit

The person who received the most Ethena Labs airdrop dollars sought quick gains and forfeited an additional $1 million in potential earnings.

According to an article on crypto.news, Ethena Labs introduced the ENA token into circulation with a generous airdrop worth $450 million on April 2.

Based on information from Arkham Intelligence, the largest recipient of ENA tokens in the airdrop received approximately 3.3 million tokens, valued around $1.96 million at the time of distribution. Just fifteen minutes afterwards, this address moved the tokens to Bybit cryptocurrency exchange for prompt selling.

Around 11 hours after the initial point, ENA attained its peak price (APH) of $0.8987 and a market capitalization of $1.27 billion as its maximum value.

If the ENA coin’s value had reached its all-time high of $2.96 per coin, the 3.30 million coins given as the largest airdrop would have been worth approximately $10.58 million. This represents an additional profit of around $7.62 million for the recipient.

In the last 24 hours, ENA has experienced a 40% increase and is now priced at $0.84. However, this is a 5% decrease from its all-time high. The current market capitalization of this asset totals $1.18 billion, ranking it as the 84th largest cryptocurrency.

Largest ENA airdrop recipient missed out on over $1 million profit

Noteworthy is the fact that Ethena Labs, famous for its stablecoin USDe, has received endorsement from prominent industry figures such as Arthur Hayes, the ex-CEO of BitMEX, among others.

February 15th marked the formal announcement from Binance Labs regarding their investments in Ethena Labs and two other emerging projects under the umbrella of their incubation program.

Read More

2024-04-03 10:59