Wormhole, Ethena, and Waves are the top 3 trending tokens on social media according to Santiment. Wormhole and Ethena Labs have conducted multi-million token airdrops, drawing significant attention. Wormhole's token generation event distributed 670 million tokens, while Ethena's airdrop included a massive $450 million. Despite these developments, Wormhole's token price has fallen by 27.5% since its listing, and Ethena's token has surged past the $1 mark. Meanwhile, the Waves protocol has seen a 32.5% price drop, partly due to potential delisting concerns on Binance. Additionally, Ethena is gaining recognition for its synthetic dollar protocol offering a 67% annual yield, and Waves is trending due to a proposal involving Neutrino treasury funds.

WAVES

The native tokens related to the interoperability project Wormhole and synthetic dollar protocol Ethena Labs, along with the Waves Protocol are currently the most trending crypto assets on social media, according to data from Santiment. Wormhole token (W), and Ethena Labs’ governance token (ENA) recently underwent multi-million airdrops while the WAVES token has captured trader attention after it was flagged for a potential delisting on Binance. Multichain interoperability project Wormhole underwent its “Wormhole Token Generation Event” on March 3 — which saw 670 million tokens distributed to nearly 400,000 eligible wallets. In February, Wormhole described the event as “a crucial step in advancing Wormhole towards a decentralized and permissionless future.” However, the Wormhole token, W, has fallen 27.5% to $1.20 since CoinGecko started tracking its price on April 3. Reports also emerged that Wormhole’s team also briefly forgot to exclude the address of the exploiter who stole $321 million from the protocol back in February 2022. ENA is also receiving close attention following its token launch on April 2, which included a massive $450 million airdrop. The largest recipient received 3.3 million ENA tokens, worth $1.96 million at the time. ENA has since surged past the $1 mark, meaning the holder’s ENA bag would now be worth over $3.4 million. Shortly after ENA went live, it became listed on some of the largest cryptocurrency exchanges, including Binance, Bybit, KuCoin, HTX, MEXC and BitMart. Ethena is a synthetic dollar protocol built on Ethereum that will provide a cryptocurrency-native solution for money not reliant on the traditional banking system. However, eyebrows were raised last month when it started offering a 67% annual percentage yield on its synthetic dollar, USDe. Related: Memecoin madness is breaking the Bitcoin halving cycle Meanwhile, the Waves Protocol’s WAVE token has plummeted 32.5% to $2.88 since April 2, sparking trader attention. Santiment’s “AI Summary” suggests 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 added to Binance’s Monitoring Tags list — which means that it may no longer meet the standards and could be delisted at any time. Magazine:  5 dangers to beware when apeing into Solana memecoins 

Wormhole, Ethena, and Waves Trend as Top Tokens Amid Airdrops and Price Fluctuations