Largest ENA airdrop recipient missed out on over $1 million profit

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The biggest recipient of the Ethena Labs airdrop aimed for speedy revenue and missed out on $1 million in further {dollars}.

Ethena Labs launched the ENA token with a $450 million airdrop on April 2, per a crypto.information report. 

In keeping with data offered by Arkham Intelligence, the most important ENA recipient obtained 3.30 million tokens, value roughly $1.96 million on the time of the airdrop. Precisely quarter-hour later, the handle transferred the tokens to the Bybit crypto change for speedy profit-taking.

Nonetheless, round 11 hours later, ENA reached an all-time excessive (ATH) of $0.8987 with a complete market cap of $1.27 billion. 

The three.30 million ENA cash would have been value $2.96 million when the asset reached its ATH — exhibiting an additional $1 million revenue for the most important airdrop recipient. 

ENA is up by 40% prior to now 24 hours and is buying and selling at $0.84 on the time of writing — down by 5% from its ATH. The asset’s market cap is presently standing at $1.18 billion, making it the 84th-largest cryptocurrency.

Largest ENA airdrop recipient missed out on over $1 million profit - 1
ENA worth – April 3 | Supply: Santiment

It’s vital to notice that Ethena Labs, recognized for its artificial USD token USDe, gained public assist from the previous BitMEX CEO Arthur Hayes, amongst different widespread figures within the trade.

On Feb. 15, Binance Labs formally announced its funding in Ethena Labs and two different initiatives as a part of its incubator program.

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