The ENA token was launched by Ethena Labs with a $450 million airdrop on April 2, as reported by crypto.news.

According to data from Arkham Intelligence, the largest recipient of ENA received 3.30 million tokens, valued around $1.96 million during the airdrop. After only 15 minutes, the tokens were transferred to the Bybit crypto exchange for quick profit-taking.

However, ENA later reached an all-time high (ATH) of $0.8987 with a total market cap of $1.27 billion around 11 hours later, making the 3.30 million ENA tokens worth $2.96 million and missing out on an additional $1 million profit for the recipient.

ENA is currently trading at $0.84, up 40% in the past 24 hours, but down 5% from its ATH. The asset has a market cap of $1.18 billion, making it the 84th largest cryptocurrency.

It is worth mentioning that Ethena Labs, known for its USDe token, received public support from various industry figures including the former BitMEX CEO Arthur Hayes. Binance Labs also announced its investment in Ethena Labs on Feb. 15 along with two other projects through its incubator program.

ENA price – April 3 | Source: Santiment

For more information, visit: US government transfers Silk Road’s 30k Bitcoins to Coinbase.