As Solana meme coins like BOOK OF MEME (BOME) and dogwifhat (WIF) capture the spotlight in the crypto sphere, a new player is emerging on the scene. Notably, Pendle (PENDLE) is witnessing a surge in investor interest, with its price rallying nearly 5% today.

Meanwhile, this shift in focus towards Pendle reflects evolving trends in the crypto market and the growing confidence of investors in this relatively new cryptocurrency.

Whales Accumulating Pendle Amid Rising Popularity

Recent data from on-chain analytics platforms reveals a significant uptick in whale activity surrounding Pendle, indicating growing interest and investment in the cryptocurrency. Notably, whales, characterized by large holders of cryptocurrencies, have been actively accumulating the crypto in recent days, with substantial withdrawals and deposits observed on major exchanges like Binance.

According to reports from Lookonchain and Spot On chain, whales have withdrawn and deposited substantial amounts of PENDLE tokens, worth millions of dollars, suggesting a bullish outlook on the cryptocurrency. Notably, these transactions coincide with the crypto’s notable rally in price and a surge in its Total Value Locked (TVL) to nearly $5 billion, signaling increasing confidence among both institutional and retail investors.

For context, in a recent update from Lookonchain today, significant activity has been observed in PENDLE accumulation by whales. Notably, wallet addresses 0xe675 and 0xAa4c withdrew substantial amounts of PENDLE tokens from Binance, totaling millions of dollars over the past few days.

Meanwhile, 0xe675 withdrew 295,443 PENDLE, valued at approximately $1.95 million, and 0xAa4c withdrew 115,500 of the crypto, worth around $764,000 today. These transactions indicate a growing interest among large holders in accumulating the crypto, suggesting potential bullish sentiment surrounding the cryptocurrency.

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Rising Popularity and Investment Potential

The recent surge in price and TVL underscores its growing popularity and investment potential within the crypto market. As investors seek opportunities beyond the realm of Solana meme coins, Pendle has emerged as a promising option, attracting attention from both seasoned traders and newcomers alike.

The influx of whales into the crypto’s ecosystem reflects a broader trend of institutional interest in decentralized finance (DeFi) projects, particularly those offering innovative solutions and robust fundamentals. With its unique protocol for tokenizing future yield, Pendle presents a compelling investment proposition, drawing interest from investors looking to diversify their portfolios and capitalize on the growing DeFi landscape.

As the crypto market continues to evolve, Pendle’s ability to attract significant investment and maintain momentum will be closely watched. With whales actively accumulating PENDLE tokens and bullish sentiment surrounding the cryptocurrency, the crypto is poised to make waves in the ever-changing landscape of decentralized finance.

However, as of writing, the Pendle price was up 4.34% and traded at $6.78, reflecting the growing confidence of the investors. Notably, the crypto has added over 25% over the last seven days, while noting a monthly gain of over 100%.

Also Read: Coinbase Q1 Transaction Revenue To Soar 89% As Base Income Peaks At $20.5M

The post Whales Are Buying This Crypto After Solana Meme Coins appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am