The biggest receiver of the Ethena Labs giveaway aimed for quick gains but overlooked a potential profit of over $1 million. Ethena Labs introduced the ENA token through a $450 million giveaway on April 2, as reported by crypto.news.

As per Arkham Intelligence's data, the primary ENA recipient obtained 3.30 million tokens valued around $1.96 million during the giveaway. Shortly after, within 15 minutes, the tokens were swiftly moved to the Bybit crypto exchange for immediate profit.

However, approximately 11 hours later, ENA surged to an all-time high of $0.8987, boasting a market cap of $1.27 billion. At this peak, the 3.30 million ENA tokens would have been valued at $2.96 million, indicating a missed opportunity of $1 million for the largest airdrop recipient.

ENA has seen a 40% increase in the last 24 hours, currently trading at $0.84, a 5% decrease from its ATH. With a market cap of $1.18 billion, ENA ranks as the 84th largest cryptocurrency.

Noteworthy is Ethena Labs, recognized for its USDe synthetic USD token, which garnered support from industry figures like former BitMEX CEO Arthur Hayes. Binance Labs also disclosed its investment in Ethena Labs and two other projects on Feb. 15 as part of its incubator initiative.