As a researcher with years of experience in the crypto market, I find myself intrigued by the recent developments surrounding Pendle’s native token, PENDLE. The impressive 130X surge from its November 2022 lows and a 41% rise from all-time highs registered in 2024 is certainly noteworthy. However, the emerging concerns about the Pendle Foundation and Arthur Hayes offloading tokens and moving them to Binance are a cause for concern.
At the moment, PENDLE, the native token of the RWA (Real-World Asset) tokenization platform called Pendle, appears to be stable. Interestingly, according to data from CoinMarketCap, this token has experienced a massive surge – it’s currently 130 times higher than its lowest point in November 2022. Moreover, it has also gained 41% since reaching its all-time high in the year 2024.
Whales Sending Tokens To Binance
With prices starting to drop, there are growing apprehensions arising. According to monitors, the Pendle Foundation, responsible for advocating the RWA platform, has been unloading tokens. Simultaneously, Arthur Hayes, co-founder of BitMEX, one of the early crypto perpetual trading platforms, is also disposing of his holdings.
In the past three weeks, a significant portion of transactions from PENDLE has been shifted to Binance, the globally recognized leader in cryptocurrency exchanges. This transfer trend has generally lowered the positive outlook or sentiment associated with PENDLE.
On September 16th, the foundation’s administration wallet transferred approximately 600,000 PENDLE, equivalent to around $2.4 million, to Binance. Over the past year, this same wallet has moved close to 3.72 million PENDLE, or roughly $11.95 million, to Binance.
Additionally, it’s worth noting that Spot on Chain, much like Hayes, has selected transfers involving PENDLE tokens. Specifically, on September 24, BitMEX co-founder Hayes transferred approximately 240,000 PENDLE tokens, valued at over $958,000, to Binance. Over the past four days, these transfers have amounted to more than $6.5 million in PENDLE tokens being moved to Binance by Hayes.
Hayes is among the well-known whales in the Pendle community. While there’s no concrete evidence suggesting he’s been offloading tokens, transferring them to Binance might imply a potential plan to dispose of them.
Presently, Hayes possesses approximately 253,000 units of PENDLE, which equates to almost $990,000. This investment makes up roughly 4% of his entire cryptocurrency holdings.
PENDLE Up 100% From August Lows, Will Whales HODL?
Regardless of the transfers between exchanges, the token has been able to overcome its Q3 2024 vulnerabilities. The buyers have re-entered the market following a dip down to around $1.7 in early August.
Currently, the token has surged by 100% from its August lows, with investors aiming to regain the April 2024 peaks approximately at $7.2. To maintain this upward trend, buyers should continue holding strong above the August highs of $3.5 and preserve the current bullish momentum.
Examining the day-to-day graph, the price bars are bunching up near the top of the Bollinger Bands – a measure of volatility – implying that the underlying power behind the movement is robust.
If purchasers continue to invest in it, the PENDLE token might reach new record highs, encouraging even more large investors (whales) to hold onto their tokens. As per the latest CoinMarketCap data, more than half (58%) of all PENDLE tokens currently circulating are being held by these whale investors.
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2024-09-27 04:34