According to data from Santiment, the native tokens associated with the interoperability project Wormhole and synthetic dollar protocol Ethena Labs, as well as the Waves Protocol, are currently the most talked about cryptocurrencies on social media.
Wormhole’s W token and Ethena Labs’ governance token (ENA) recently underwent airdrops worth millions of dollars, while the Waves (WAVES) token has gained attention after being flagged for potential delisting on Binance.
Wormhole conducted its “Wormhole Token Generation Event” on March 3, distributing 670 million tokens to nearly 400,000 eligible wallets. This event was described as a significant step towards a decentralized and permissionless future for Wormhole. However, since CoinGecko began tracking its price on April 3, the W token has fallen by 27.5% to $1.20.
Reports also revealed that Wormhole’s team briefly forgot to exclude the address of the hacker who stole $321 million from the protocol in February 2022.
ENA is also generating a lot of interest since its token launch on April 2, which included a massive $450 million airdrop. The largest recipient received 3.3 million ENA tokens, valued at $1.96 million at the time. Since then, ENA has surpassed the $1 mark, making the holder’s ENA holdings worth over $3.4 million. Shortly after its launch, ENA was listed on major cryptocurrency exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart. Ethena is a synthetic dollar protocol built on Ethereum that aims to provide a cryptocurrency-based solution independent of the traditional banking system. However, there were concerns when it started offering a 67% annual percentage yield on its synthetic dollar, USDe, last month.
Meanwhile, the Waves Protocol’s WAVE token has experienced a 32.5% drop to $2.88 since April 2, attracting attention from traders. 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 buy tokens using WAVES from Neutrino reserves. However, WAVES was also included in Binance’s Monitoring Tags list, indicating that it may no longer meet the platform’s standards and could be delisted at any time.