After experiencing a notable decline of up to 18% over the past week, the price of Pendle has staged an impressive comeback, surging by 9% in the last 24 hours.

The resurgence in Pendle’s price coincided with intriguing activity from Whale 0x982, who appears to be a significant investor in the project. Notably, this whale made a substantial deposit of 200,000 PENDLE, amounting to $931,000, to Binance at a price of $4.657. 

This deposit follows a series of transactions over the past 23 hours, during which the whale deposited a total of 750,000 PENDLE to Binance, averaging at $4.459 per token and totaling approximately $3.34 million.

In the past 24 hours, wallet 0x982 deposited 750K $PENDLE ($3.34M) to #Binance at ~$4.46, as soon as the price rebounded.

Overall, the wallet vested 1.25M $PENDLE (then $678K) from @pendle_fi at ~$0.54 in 2021 and 2022 and has deposited 1.05M $PENDLE ($4.74M) to Binance at… pic.twitter.com/JmN6HUnowz

— Spot On Chain (@spotonchain) May 3, 2024

A closer look at the whale’s activity reveals a pattern of significant involvement in the Pendle ecosystem. Since October 28, 2021, to April 29, 2022, the whale received 1.25 million PENDLE from the “Pendle Finance: Vesting Distributor” contract, at an average price of $0.542, equating to approximately $678,000. 

Whale Continues Massive Deposition Of Pendle Token To Exchanges 

Moreover, starting from April 26, 2024, the whale has deposited 1.05 million PENDLE to Binance, with an average price of $4.519 per token, totaling around $4.74 million. Presently, the whale still retains 200,000 PENDLE, valued at $946,000, in their wallet.

The recent surge in Pendle’s price by 9% further adds to the intrigue surrounding the cryptocurrency’s market dynamics. With significant whale activity and market fluctuations, Pendle continues to captivate the attention of investors and traders alike, showcasing the inherent volatility and potential opportunities within the cryptocurrency space.

As Pendle’s price momentum unfolds, market participants remain eager to monitor further developments and whale activity, anticipating how these factors will shape the future trajectory of the project in the ever-evolving landscape of decentralized finance (DeFi) and blockchain technology.

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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Image Source: phongphan/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ May 5, 2024 2:31 am