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Santiment Identifies Wormhole, Ethena, and Waves as Top-Trending Tokens

Apr 4, 2024 at 11:36

Recent multi-million token airdrops by Wormhole and Ethena Labs have sparked significant social media buzz, landing them among the most talked-about crypto assets alongside the Waves Protocol, according to Santiment’s social dashboard.

Wormhole’s token (W), Ethena Labs’ governance token (ENA), and the WAVES token have been gaining traction, with Wormhole recently distributing 670 million tokens to eligible wallets during its “Wormhole Token Generation Event” on March 3.

Despite the buzz surrounding Wormhole, its token (W) has experienced a 27.5% decline to $1.20 since its price tracking began on CoinGecko.

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ENA, on the other hand, garnered attention following its token launch on April 2, accompanied by a massive $450 million airdrop. The token’s value surged past $1, potentially making significant gains for recipients.

Ethena, a synthetic dollar protocol on Ethereum, has attracted interest for its cryptocurrency-native solution for financial transactions outside the traditional banking system. However, concerns arose when it offered a 67% annual percentage yield on its synthetic dollar, USDe.

Meanwhile, Waves Protocol’s token (WAVE) has experienced a notable 32.5% decline to $2.88 since April 2, drawing trader attention. Santiment’s “AI Summary” suggests that the token’s trending status is partly due to a proposal involving Neutrino (XTN) treasury funds and the WavesIndex pool.

However, the decline in WAVES’ value has raised concerns, particularly after it was added to Binance’s Monitoring Tags list, signaling the potential for delisting if it fails to meet certain standards.

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