Crypto News

Significant Pendle Token Transactions By Major Holders Impact Market

A noteworthy transaction involving a major holder of Pendle tokens has emerged in the cryptocurrency market.

Yesterday, an early investor deposited 447,350 PENDLE, valued at approximately $1.74 million, into Binance. This investor had received 562,500 PENDLE tokens two years ago and had not sold any until now.

The early investors and participants who held their PENDLE tokens for two years are suspected to have liquidated their positions six hours ago, realizing estimated profits exceeding $1.7 million.

The address in question received a total of 562,000 tokens distributed by the Pendle project in April 2022 and 2023, when the prices were $0.1219 and $0.4921, respectively. Six hours ago, this investor transferred the remaining 447,000 tokens to Binance.

Another Notable Move By This One-Time Second-Largest PENDLE Holder To Monitor 

In another significant move, a whale who was once the second-largest holder of PENDLE recharged 720,000 PENDLE to Binance just five minutes ago.

If sold, this transaction could yield a profit of $2.275 million. This whale had bought 4,272,241 PENDLE in batches at an average price of $0.35 between February 8 and October 20, 2023, and still holds 1.37 million PENDLE.

These substantial transactions have had a noticeable impact on the market, with the price of PENDLE declining by 12% over the past 24 hours and 33% over the past seven days. The actions of these significant holders, liquidating their positions and transferring large quantities of tokens to Binance, have contributed to the downward pressure on PENDLE’s price.

Overall, the movements by major PENDLE holders highlight the dynamic nature of the cryptocurrency market and the potential for significant impacts on token prices resulting from large transactions.

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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