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- Lookonchain highlights whale transferring 1.1M PENDLE tokens to Binance.
- Arthur Hayes sees long-term bullish potential in PENDLE and Ethena, attracting significant attention from the crypto community.
On-chain smart money platform Lookonchain recently highlighted whale transferring 1.1 million PENDLE tokens to the Binance exchange in a tweet. At that time, the value of the tokens withdrawn was approximately $3.8 million.
After the withdrawal, the whale’s wallet now only holds 1 million PENDLE tokens worth $3.5 million.
A whale transferred out 1.1M $PENDLE($3.8M) in the past hour(will deposit it into #Binance for sale), leaving 1M $PENDLE($3.5M).
This whale bought 3.44M $PENDLE from CEX and DEX from Feb 9 to Apr 27, 2023, with an average price of only $0.32.https://t.co/xnGArUHzYJ pic.twitter.com/QdsXxNbNFn
— Lookonchain (@lookonchain) July 8, 2024
Additionally, Lookonchain reported that the whale wallet had previously purchased 3.44 million PENDLE from centralized and decentralized exchanges between February 9 and April 27, 2023. At that time, PENDLE tokens had an average price of $0.32.
According to Etherscan data, this wallet only holds PENDLE as the most tokens, followed by Ether (ETH) with 0.9756 coins, worth $2,982.49.
PENDLE’s Recent Performance and Optimism
Based on data from CoinMarketCap, the PENDLE token is currently worth around $3.66. The token has experienced a decline of 2.41% over the last 24 hours.
If you look at the purchase price, the whale’s investment value has grown by more than 900% in just one year. Of course, this is not a disappointing value, even though the PENDLE price has moved more than 50% from its all-time high (ATH) level.
Previously, the CNF report had highlighted a sharp decline in Pendle DeFi’s total value locked (TVL). Pendle’s TVL dropped 42% from $6.18 billion to $3.6 billion at the end of June.
What is no less interesting is that PENDLE is one of the tokens that has received attention from BitMEX co-founder Arthur Hayes.
In Hayes analysis, as the CNF report has highlighted, PENDLE has attractive long-term bullish potential, along with synthetic stablecoin provider platform Ethena (ENA).
On the other hand, Pendle Finance has received capital support from Binance’s venture arm, Binance Labs, in 2023. This is part of Binance’s support for the next generation of DeFi projects to develop, as we have already reported.
