Crypto News

Pendle Token Hits All-Time High As Developers Deposit Millions To Binance

Pendle, known for tokenizing and trading future yield, has reached a new milestone as its native asset surges to an annual high of $2.791. 

The protocol’s developers facilitated this surge by depositing millions of PENDLE tokens to the Binance exchange.

Two wallets, likely owned by investors in Pendle, deposited 477,211 PENDLE ($1.27M) at an average price of $2.66 to Binance as Pendle reached its new high today. 

Remarkably, these investors vested 1.06M PENDLE in 2022 and 2023 at a price of just $0.146. 

Holding the token for two years enabled them to amass $2.42M (a 17x increase) and maintain holdings of 487.5K PENDLE ($1.31M).

4.043 Million PENDLE Deposited To Binance

During the recent 24-hour surge, a total of 6 wallets, predominantly owned by investors, deposited 4.043M PENDLE ($10.97M) to Binance at an average price of ~$2.71. 

Notable contributions include 1.98M PENDLE ($5.4M) from Spartan Group (@TheSpartanGroup) and 600K PENDLE ($1.63M) from multisig wallet 0x811 (likely owned by the Pendle team).

As of now, there are still 23.92M PENDLE ($64.3M) left in 4 wallets, signaling continued investor interest and confidence in the token’s potential.

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

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Image Source: niphonsubsri/123RF // Image Effects by Colorcinch

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