John cena has never worn the belt, he holds the title, runs to the ring and throws it around like it's a heap of junk.
Randy orton would never do that, he wears it with pride on his shoulder because as a 3rd generation wrestler he knows what it represents and the prestigue it has.
Sheamus always wore the belt over his shoulder, smug and secure because he treat it like it was the most important thing in the world to him.
Subconsciously that's why I think fans who hated Sheamus when he 1st won it, started to accept him the 2nd time he won it, because Sheamus showed respect to the title, he was important to him and by Sheamus showing that, the fans picked up on it and appreciated him, even if it was subconsciously whilst still not liking him.
I remember Bret Hart talking in 1995 before the 95 Survivor Series setting up his WWF title match against Diesel, and Bret said that Diesel "drags the belt around where I hold it with pride"
It's the exact same thing.
Steve Austin couldn't wear the title around his waste, because he was anti corporate, but he got away with it because of the character. Austin would do what cena does today, because Cena is trying to be everything Austin was except, Cena isn't a rebel and so his treatment of the belt he carries is a contradiction and another example of Cena not understanding his character and the psychology.
Undertaker wears the belt firmly around his waiste, the traditional way. The Undertaker is the conscience of the WWE and a veteran who takes tradition seriously.
The only exception to that was when he was riding his Motor cycle to the ring... he wore it around his neck, but truth be told, Taker wasn't too keen to be champion whilst riding his bike because he felt he didn't want that charcter associated with the same title he held as The Dead Man, but he took the title of Hogan so he could drop ot back to the guy Taker believed shouldn't have lost it in the 1st place... Triple H.
It depends on their character and what they represent as to how they carry the belts.
Waste & shoulder is with pride, done by traditionlists.
Holding it in the hand dragging it around is character before anything.