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Cryptocurrency News Articles
Wormhole, Ethena Labs, Waves Protocol Lead Crypto Social Media Chatter Amid Airdrops, Security Concerns, and Delisting Speculation
Apr 04, 2024 at 02:03 pm
Native tokens of interoperability protocol Wormhole, Ethena Labs governance token, and Waves Protocol have emerged as trending crypto assets on social media. Wormhole (W) and Ethena Labs (ENA) tokens underwent substantial airdrops, while Waves Protocol's WAVES token sparked interest due to a potential delisting from Binance and a proposal to invest Neutrino treasury funds.
Wormhole, Ethena Labs and Waves Protocol Dominate Crypto Social Media Landscape
Data from the social media sentiment analysis firm Santiment reveals that the native tokens associated with the interoperability project Wormhole, the synthetic dollar protocol Ethena Labs, and the Waves Protocol are currently among the most trending crypto assets on social media.
Wormhole Token and Ethena Labs Governance Token Airdrops Drive Attention
Wormhole's W token and Ethena Labs' governance token, ENA, have both recently undergone significant airdrops, generating buzz within the crypto community. Wormhole's airdrop of 670 million tokens to approximately 400,000 eligible wallets on March 3rd was particularly noteworthy.
Waves Protocol Token Fluctuates Amidst Delisting Concerns
The Waves token, WAVES, has captured trader attention after being flagged for a potential delisting on the major cryptocurrency exchange Binance. The token has experienced a 32.5% decline to $2.88 since April 2nd, prompting speculation among traders.
Wormhole's Security Concerns and Exploiter Inclusion
Despite the airdrop, Wormhole's reputation has been somewhat tarnished by a security incident in February 2022, when the protocol was exploited for $321 million. Additionally, reports have emerged that the Wormhole team briefly forgot to exclude the address of the exploiter from the token airdrop, raising concerns about the project's security practices.
Ethena Labs' Synthetic Dollar Protocol and Token Performance
Ethena Labs' ENA token has attracted significant attention since its launch on April 2nd, which included a substantial $450 million airdrop. The largest recipient of the airdrop received 3.3 million ENA tokens, which were initially worth approximately $1.96 million. ENA has since surged in value, with the holder of that airdrop now holding tokens worth over $3.4 million.
Ethena's synthetic dollar protocol, USDe, has also raised eyebrows with its promise of a 67% annual yield. However, this high yield has raised questions about the protocol's sustainability and risk profile.
Waves Protocol's Potential Investment and Delisting Risk
According to Santiment's "AI Abstract," WAVES is trending in social media due to a proposal to invest Neutrino (XTN) treasury funds into the WavesIndex pool, potentially providing the protocol with additional WAVES tokens. However, WAVES has also been included in Binance's "Watchlist" category, indicating that it may not be meeting expectations and could potentially be delisted from the exchange in the future.
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