Pendle's price has surged by 9% in the past 24 hours, following a notable decline of up to 18% over the previous week. This resurgence coincides with significant activity from Whale 0x982, who has deposited a total of 1.05 million PENDLE to Binance at an average price of $4.519 per token, totaling around $4.74 million.
Pendle Price Surges 9% as Whale Investor Deposits $3.34 Million to Binance
The digital asset Pendle (PENDLE) has experienced a remarkable rebound in the past 24 hours, defying a recent market decline by surging an impressive 9%. This resurgence is coincident with notable activity from a prominent whale investor known as Whale 0x982, who has been actively depositing large sums of PENDLE into the Binance exchange.
Whale 0x982, an apparent believer in Pendle's long-term potential, has made a series of significant transactions in recent days. Within the past 23 hours alone, the entity deposited 750,000 PENDLE into Binance, valued at approximately $3.34 million, at an average price of $4.459 per token. This strategic move follows a similar transaction earlier today, in which the whale deposited 200,000 PENDLE, worth $931,000, at a price of $4.657.
Further analysis of Whale 0x982's activity reveals a consistent pattern of involvement with the Pendle ecosystem. Since October 28, 2021, the whale has received a total of 1.25 million PENDLE from the "Pendle Finance: Vesting Distributor" contract, at an average price of $0.542 per token, equating to approximately $678,000. Since April 26, 2024, the entity has deposited 1.05 million PENDLE to Binance, totaling around $4.74 million, at an average price of $4.519 per token. Notably, the whale still retains 200,000 PENDLE, valued at $946,000, in their wallet.
The whale's recent actions, coupled with the sharp increase in Pendle's price, has generated significant interest and intrigue among investors and analysts. The market has been highly volatile in recent days, with Pendle enduring a notable decline of up to 18% within the past week. However, the cryptocurrency's swift recovery suggests that market forces may be acting in favor of the project.
Pendle is a decentralized finance (DeFi) protocol that provides users with access to yield farming and other financial services. The platform has attracted a loyal following within the cryptocurrency community due to its innovative features and commitment to user experience. As Pendle continues to evolve and expand, many investors are optimistic about its long-term prospects.
The involvement of prominent investors like Whale 0x982, who have been actively accumulating PENDLE, is a positive sign for the project's growth potential. The whale's strategic deposits into Binance indicate their belief in Pendle's potential for further appreciation.
As Pendle's price momentum continues to unfold, market observers will be closely monitoring the project's development and the actions of major investors. The cryptocurrency market remains highly dynamic, but Pendle's impressive recovery and the support of influential whales suggest that the project has the potential to endure market volatility and capitalize on future opportunities.
