Biggest recipient of ENA airdrop loses out on profits exceeding $1 million
The recipient who received the largest amount of ENA tokens from Ethena Labs’ airdrop missed out on an extra $1 million in profit. Ethena Labs launched the ENA token with a $450 million airdrop on April 2, as reported by crypto.news. According to data provided by Arkham Intelligence, the largest recipient received 3.30 million tokens, which were valued at approximately $1.96 million during the airdrop. Just 15 minutes later, the tokens were transferred to the Bybit crypto exchange for immediate profit-taking.
However, 11 hours later, ENA reached an all-time high (ATH) of $0.8987, with a total market cap of $1.27 billion. At its ATH, the 3.30 million ENA coins would have been worth $2.96 million, indicating an additional $1 million profit for the largest airdrop recipient.
As of now, ENA is trading at $0.84, experiencing a 5% decrease from its ATH. In the past 24 hours, it has increased by 40%, and its market cap currently stands at $1.18 billion, making it the 84th-largest cryptocurrency.
It is worth noting that Ethena Labs, known for its synthetic USD token USDe, has received support from prominent figures in the industry, including former BitMEX CEO Arthur Hayes. On February 15, Binance Labs officially announced its investment in Ethena Labs and two other projects as part of its incubator program.
