The native tokens associated with the interoperability project Wormhole and the synthetic dollar protocol Ethena Labs, along with the Waves Protocol, are currently the most popular cryptocurrency assets on social media, according to data from Santiment.
Wormhole’s W token and Ethena Labs’ governance token (ENA) recently experienced multimillion airdrops, while the Waves (WAVES) token has caught the attention of traders after being flagged for potential delisting on Binance.
Wormhole underwent its “Wormhole Token Generation Event” in March, distributing 670 million tokens to nearly 400,000 eligible wallets. This event was described as a crucial step in advancing Wormhole towards a decentralized and permissionless future. However, the W token’s price has fallen 27.5% to $1.20 since CoinGecko began tracking it on April 3. Reports have also emerged that Wormhole’s team briefly forgot to exclude the address of the exploiter who stole $321 million from the protocol in February 2022.
ENA is also receiving significant attention following its token launch on April 2, which included a $450 million airdrop. The largest recipient received 3.3 million ENA tokens, worth $1.96 million at the time. ENA has since surpassed the $1 mark, meaning the holder’s ENA bag would now be worth over $3.4 million. Shortly after its launch, ENA was listed on several major cryptocurrency exchanges, including Binance, Bybit, KuCoin, HTX, MEXC, and BitMart. Ethena is a synthetic dollar protocol built on Ethereum that offers a cryptocurrency-native solution for money that is not reliant on the traditional banking system. However, there were concerns when it started offering a 67% annual percentage yield on its synthetic dollar, USDe.
Meanwhile, the Waves Protocol’s WAVE token has dropped 32.5% to $2.88 since April 2, attracting trader attention. Santiment’s “AI Summary” suggests that WAVES is trending due to a proposal to invest Neutrino (XTN) treasury funds into the WavesIndex pool, where the protocol would purchase tokens using WAVES from Neutrino reserves. However, WAVES was also added to Binance’s Monitoring Tags list, which means it may no longer meet the standards and could be delisted at any time.