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

The largest recipient of the Ethena Labs airdrop aimed for immediate profit and missed out on $1 million in extra dollars.

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

According to data provided by Arkham Intelligence, the largest ENA recipient received 3.30 million tokens, worth roughly $1.96 million at the time of the airdrop. Exactly 15 minutes later, the address transferred the tokens to the Bybit crypto exchange for immediate profit-taking.

However, around 11 hours later, ENA reached an all-time high (ATH) of $0.8987 with a total market cap of $1.27 billion. 

The 3.30 million ENA coins would have been worth $2.96 million when the asset reached its ATH — showing an extra $1 million profit for the largest airdrop recipient. 

ENA is up by 40% in the past 24 hours and is trading at $0.84 at the time of writing — down by 5% from its ATH. The asset’s market cap is currently standing at $1.18 billion, making it the 84th-largest cryptocurrency.

It’s important to note that Ethena Labs, known for its synthetic USD token USDe, gained public support from the former BitMEX CEO Arthur Hayes, among other popular figures in the industry.

On Feb. 15, Binance Labs officially announced its investment in Ethena Labs and two other projects as part of its incubator program.