A recent on-chain transaction has sparked speculation in the Pendle (PENDLE) community. Lookonchain, a smart money platform, reported a whale transfer of 1.1 million PENDLE tokens, valued at roughly $3.8 million, to the Binance exchange.
Following the transfer, the whale’s wallet now holds only 1 million PENDLE, with a remaining value of $3.5 million. Lookonchain further revealed that this same wallet actively accumulated PENDLE between February and April 2023, purchasing a total of 3.44 million tokens at an average price of $0.32. This translates to a potential over 900% return on investment based on the current price of around $3.66 per PENDLE.
PENDLE’s Price Performance and Future Outlook
Despite the recent withdrawal, the whale’s investment remains highly profitable, even considering the current price is over 50% below PENDLE’s all-time high. However, the token has experienced a slight dip of 2.41% in the last 24 hours.
While Pendle DeFi’s Total Value Locked (TVL) witnessed a significant drop from $6.18 billion to $3.6 billion in June, there are reasons for optimism. Notably, prominent figures like BitMEX co-founder Arthur Hayes have identified PENDLE, alongside Ethena (ENA), as having long-term bullish potential.
Binance’s Vote of Confidence
Adding further fuel to the potential upside, Pendle Finance secured investment from Binance Labs, the venture arm of Binance, in 2023. This move signifies Binance’s commitment to supporting the next generation of DeFi projects, as previously reported.
The Pendle Puzzle Is This A Bull Run Brewing or Strategic Move?
The whale’s transfer to Binance could be interpreted in multiple ways. It could be a prelude to a potential sell-off, impacting the price. Alternatively, it could be a strategic move to capitalize on increased trading opportunities offered by a large exchange like Binance.
Only time will tell the true motive behind the whale’s actions. However, with prominent figures like Hayes expressing bullish sentiment and Binance’s investment backing Pendle, the project continues to generate interest within the crypto community.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
