Crypto News

Pendle Yield Platform Surges To Record Highs, Attracting Whale Attention

Pendle, a prominent yield platform, has experienced an extraordinary surge in activity, boasting a Total Value Locked (TVL) of $4 billion and trading volume reaching $10 billion.

In the past 24 hours alone, Pendle’s price skyrocketed by 27%, reaching an all-time high of $6.629.

Amidst this bullish momentum, notable whale activity has been observed within the Pendle ecosystem.

Wallet 0xacf, presumably belonging to a significant investor, recently deposited 200,000 PENDLE ($1.26M) to Binance at a peak price of $6.272. 

This wallet has a history of engagement with Pendle, having received a substantial sum of 562,500 PENDLE from the “Pendle Finance: Vesting Distributor” contract. 

Notably, these tokens were acquired at an average price of $0.147, underscoring the substantial increase in value over time. Despite recent deposits totaling 362,500 PENDLE to Binance at peak prices, the wallet retains 200,000 PENDLE ($1.26M), suggesting potential further activity.

Pendle Whales Looks To Hold For Long Term

However, amidst Pendle’s soaring price, whale 0xaa4 made a significant withdrawal of 384,500 PENDLE ($2.38M) from Binance at $6.183. 

This move follows earlier ETH withdrawals from OKX totaling 3,600 ETH, subsequently deposited into Pendle V2. 

Despite the initial investment, the current price of ETH has resulted in an unrealized loss of $552K (-4.46%) for the whale.

The dynamic interplay between whales and market trends underscores the evolving landscape of decentralized finance (DeFi). 

Pendle’s remarkable ascent to record highs reflects growing investor interest and confidence in the platform’s yield opportunities. 

As whales navigate the market landscape, their actions provide valuable insights into the broader sentiment surrounding Pendle and the cryptocurrency market as a whole.

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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