Santiment has identified Wormhole (W), Ethena Labs (ENA), and Waves (WAVES) as the most popular tokens currently, reflecting market sentiment and sparking discussions.
? The following assets sit atop the top trending list of #crypto assets that are driving market discussions and sentiment:
1⃣?@wormhole $W: Trending due to the Wormhole Token Generation Event (TGE) and a massive #airdrop of over 670 million #tokens scheduled for today.… pic.twitter.com/2BP1DUOXsZ
— Santiment (@santimentfeed) April 3, 2024
Wormhole
The W token was included in the list amid the excitement surrounding the cross-chain protocol Wormhole’s airdrop and its listing on trading platforms. On April 3, developers opened the claim for over 600 million tokens for approximately 400,000 users.
According to CoinGecko, at the time of writing, the token’s market capitalization stands at $2.1 billion with a daily trading volume of $1.5 billion.
However, the airdrop did not proceed without issues. The community noted a significant number of scammers, and the official X-account of Wormhole co-founder Robinson Burkey was hacked to distribute phishing attacks.
The W token’s price plummeted by about 30% from its peak but has slightly slowed its decline and begun to recover, trading at $1.17.
Ethena Labs
The popularity of Ethena Labs’ governance tokens ENA is also linked to a recent airdrop. On April 2, the team behind the development of the “synthetic stablecoin” USDe opened the claim for 750 million coins.
Santiment explained the inclusion of ENA in the list due to the rise in its price and other metrics.
The asset has been listed on most popular centralized exchanges. ENA’s market capitalization exceeded $1.6 billion with a trading volume of $3.1 billion.
Since its launch, the asset has doubled in value — from approximately $0.55 to $1.11.
However, the launch of this project was not without controversy. On-chain investigator TardFiWhale expressed concerns about structural weaknesses in Ethena Labs’ USDe and demanded $1 million for disclosing a vulnerability.
According to him, many influencers promoting the project, such as former BitMEX CEO Arthur Hayes, are silent about the serious shortcomings and risks of the “synthetic stablecoin.”
Waves
The last in Santiment’s ranking is the WAVES token from the Waves Platform team. The asset is gaining popularity as developers proposed using the Neutrino Index (XTN) stablecoin treasury reserves to invest in the WavesIndex (WIND) pool, purchasing tokens with WAVES from Neutrino reserves.
Over the past seven days, the asset has fallen by 22% and is currently trading at $3. Its market capitalization stands at $300 million, with a daily trading volume of $118 million.
It remains unclear why analysts included WAVES in the list. Recently, the project has been surrounded by a predominantly negative narrative. In August 2022, the stablecoin USDN, later renamed XTN, lost its peg to the US dollar.
In April 2023, the Ukrainian exchange Kuna delisted WAVES due to the “project’s ties with Russian oligarchs.”
Additionally, Binance tagged the token with a “monitoring” label, indicating higher risk and volatility compared to other assets.
Other Trends
The strongest trend over the past week has been L3 solutions. The segment’s index rose by 110%, with its total capitalization reaching $1.23 billion.
The local leader in growth was the meme token Degen (DEGEN). Over the week, the asset increased by 140%, reaching a capitalization of $542 million.
The second was the token of the decentralized NFT marketplace Aavegotchi (GHST), which rose by 92%.
Another popular category is meme tokens based on the L2 network Base. Their combined index rose by 51%, with a capitalization exceeding $1.55 billion.
Their popularity is mainly linked to parody coins of celebrities. One such asset, Coinye West (COINYE), increased by 230% over seven days.
LSD tokens also show positive dynamics — the category’s index rose by 15%.
Among individual coins, Bitcoin Cash stands out, having risen by 15% following the recent halving in the network. Alongside it, Litecoin (LTC) increased by 5.5% over the week.
In late March, tokenized real-world assets began to gain popularity. The total capitalization of the sector increased by 81% over seven days to $8 billion.