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Cryptocurrency News Articles
PENDLE (PENDLE) Whales Are Sending Tokens to Binance, But the Token Is Still Up 100% From August Lows
Sep 27, 2024 at 09:30 am
PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be steady at press time. However, looking at CoinMarketCap
Real-world asset (RWA) tokenization platform Pendle’s native token has seen a massive price appreciation of 130X from its November 2022 lows, as per CoinMarketCap data. However, at press time, the token is down 41% from all-time highs registered in 2024.
The Pendle Foundation, which promotes the RWA platform, has been offloading tokens from its holdings. At the same time, BitMEX co-founder Arthur Hayes is also selling his holdings of the token.
According to trackers, a large portion of Pendle (PENDLE) transfers have been headed to Binance over the past three weeks. This movement has sparked concerns among traders, as large token movements to exchanges often indicate an intention to sell.
Pendle Foundation Transfers Tokens To Binance
On September 16, the Pendle Foundation’s governance wallet transferred 600,000 PENDLE, valued at over $2.4 million, to Binance. In total, over the past year, the foundation’s wallet has shifted 3.72 million PENDLE, valued at over $11.95 million, to the exchange.
At the same time, Spot on Chain also picked up on transfers from Hayes. On September 24, the BitMEX co-founder deposited 240,000 PENDLE, valued at over $958,000, to Binance. Over the last four days, Hayes has moved more than $6.5 million of the token to Binance.
Hayes is considered one of the Pendle whales, and while there is no direct evidence to prove that the former BitMEX executive is selling, moving tokens to an exchange could be an indication.
Currently, Hayes has over 253,000 PENDLE, valued at nearly $990,000, in his holdings. This holding is around 4% of his total crypto portfolio.
Pendle (PENDLE) Token Surges 100% From August Lows
Despite the exchange transfers, the token continues to shrug off Q3 2024 weaknesses. Buyers are back in the equation after sinking to as low as $1.7 in early August.
At press time, the token is up 100% from August lows, as buyers are now aiming to reclaim the April 2024 highs at around $7.2. For the uptrend to continue, buyers must hold strong above $3.5, or August highs, and maintain the current upside momentum.
On the daily chart, bull bars are banding along the upper Bollinger Bands (BB) — a volatility indicator — suggesting that the underlying momentum is strong. If buyers continue to build on this, PENDLE could register fresh all-time highs, which would further encourage more whales to HODL.
CoinMarketCap data shows that over 58% of all tokens in circulation are held by whales.
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