Crypto News

Pendle Defies Market Crash With 22% Surge; Dormant Wallet Reawakens

Despite the recent turmoil in the cryptocurrency market, Pendle stands out as a beacon of resilience, boasting a remarkable 22% gain today and showcasing bullish behavior across all timeframes.

Amidst the surge in price, Wallet 0x01f, believed to belong to a seasoned investor, has sprung back to life after nearly a year of dormancy. The wallet recently made a significant deposit of 400,000 PENDLE ($2.68 million) to Binance at a price of $6.71.

What’s intriguing is the history of this wallet’s PENDLE holdings. Records indicate that between April 29, 2022, and April 28, 2023, the wallet received a substantial sum of 1.80 million PENDLE from the “Pendle Finance: Vesting Distributor” contract. 

Remarkably, these tokens were acquired at an average price of only $0.147, amounting to a mere $264,000 investment.

Whale Pendle Address Holds Onto Holdings

Despite the impressive gains made during this period of dormancy, the wallet has continued to hold onto its PENDLE holdings, with a current balance of 1.4 million PENDLE, valued at $9.42 million.

The resurgence of Wallet 0x01f coincides with Pendle’s impressive performance in the market. Over the past 24 hours, the PENDLE price has surged by a staggering 22.57%, further solidifying its position as a standout performer amidst market volatility.

As investors navigate through turbulent waters, the resilience of Pendle and the strategic moves of seasoned participants like Wallet 0x01f serve as a testament to the potential and enduring appeal of the project in the ever-evolving cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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