Pendle Token Sees 7% Decline Following All-Time High, On-Chain Activity Reflects Positive Sentiment
Pendle, the decentralized finance (DeFi) token, experienced a notable decline of over 7% today, following a surge to an all-time high of $7.5 yesterday. The token is currently trading at $6.69, reflecting a correction after the recent price rally.
Despite the decline in price, on-chain activity indicates positive sentiment surrounding Pendle. Reports suggest that Pendle Real Fire Institutions are actively participating in Pendle liquidity provision (LP) to enhance pledge income.
Notably, Distributed Capital recently transferred 7,000 ETH from Binance and allocated all of them to the Pendle $ezETH pool, providing liquidity with a value of $24.56 million.
Pendle 实火🔥机构也在参与 Pendle LP 放大质押收益😆
分布式资本半小时前从 #Binance 转出 7000 枚 ETH，并全部投入 Pendle $ezETH 池子用于提供流动性，价值 2456 万美金
ezETH 为 Renzo 质押的凭证代币，提供流动性将获得交易手续费、Renzo & EigenLayer 积分和少量 $PENDLE 奖励 pic.twitter.com/vTVXGh8Wdv
— Ai 姨 (@ai_9684xtpa) April 11, 2024
The $ezETH token represents the certificate token for Renzo’s pledge, and liquidity provision enables the earning of transaction fees, Renzo & EigenLayer points, and a small amount of $PENDLE rewards.
Notable Whales Engage In Pendle Staking As They Make Withdrawals From Binance
Additionally, on-chain data from Lookonchain reveals significant activity from whales and institutions withdrawing ETH from Binance and staking it into Pendle and Bedrock.
For instance, 0x1958, potentially related to Fenbushi Capital, withdrew 7,000 ETH ($24.5 million) from Binance and staked it into Pendle. Similarly, Whale “0xaF35” withdrew 6,700 ETH ($23.4 million) from Binance and staked it into Pendle and Bedrock.
Whales/Institutions withdrew $ETH from #Binance and staked it into #Pendle and #Bedrock today.
0x1958(related to #Fenbushi Capital) withdrew 7K $ETH($24.5M) from #Binance and staked it into #Pendle.https://t.co/jMvAKPRvyn
Whale”0xaF35″ withdrew 6.7K $ETH($23.4M) from #Binance… pic.twitter.com/Ae4wOTqNdV
— Lookonchain (@lookonchain) April 11, 2024
The involvement of institutional players and whales in Pendle’s ecosystem underscores growing confidence in the project’s potential. While the recent price decline may be seen as a temporary setback, the continued interest from institutional investors and liquidity providers signals a positive outlook for Pendle’s future.
As the DeFi space continues to evolve, Pendle remains a project to watch closely, with its innovative approach to yield optimization and liquidity provision attracting attention from both retail and institutional investors alike.
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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Filed under: Bitcoin - @ April 12, 2024 11:01 pm