HashKey Capital’s address, hki.eth, recently withdrew 583,000 PENDLE tokens from Binance, amounting to a substantial $2.2 million.
This acquisition positions PENDLE as the top holding in the hki.eth address and marks it as the fourth-largest holding within HashKey Capital’s on-chain portfolio.
一小时前 HashKey Captial 地址 hki.eth 从 #Binance 提出 58.3 万枚 PENDLE，价值 220 万美金$PENDLE 目前已成为该地址持仓排名第一，HashKey Capital 链上持仓排名第四的资产🤔
早在三年前 (2021.07-2022.04) 该地址曾收到 Pendle 归属地址分发的 271 万枚代币，已于 2022.06 全部充值进交易所 pic.twitter.com/coZ1m6trZ1
— Ai 姨 (@ai_9684xtpa) July 26, 2024
HashKey’s history with PENDLE is noteworthy. Between July 2021 and April 2022, the address received 2.71 million PENDLE tokens distributed by the Pendle project. By June 2022, all these tokens were deposited back to the exchange.
HashKey Capital has a track record of buying PENDLE at low prices and selling at peaks, resulting in a remarkable profit of approximately $9.96 million from PENDLE trades.
hki.eth(#HashKey) bought 583,074 $PENDLE($2.21M) again 20 minutes ago!#HashKey is very good at buying $PENDLE at low prices and selling at highs, making a total profit of ~$9.96M on $PENDLE before!https://t.co/sZ2cKsPmUC pic.twitter.com/56wY5UtQoF
— Lookonchain (@lookonchain) July 26, 2024
Pendle Finance (Pendle_fi) is distinguished by its market characteristics, notably its fully diluted valuation (FDV) being almost equal to its market cap. This suggests that venture capital firms have minimal control over the token, offering a level of decentralization that appeals to investors.
This Year Alone, PENDLE Has Recorded Massive 7x Increase
This year, PENDLE has seen a significant 7x increase, entering an accumulation phase that presents a prime opportunity for buying at a dip. HashKey Capital’s recent withdrawal aligns with this strategy, indicating confidence in PENDLE’s long-term potential and market stability.
@pendle_fi is one of the few projects that has almost the same FDV and market cap, meaning that VCs are out of control of the token$PENDLE has already increased by 7x this year and entered an accumulation phase, offering an excellent dip for buying
MCap: $645.4M
Price: $4.17 pic.twitter.com/QMExPhSfSe
— Finish 🏁 (@0xFinish) July 24, 2024
The strategic move by HashKey Capital underscores their adeptness at timing the market to maximize returns. As PENDLE continues to gain traction, HashKey’s investment actions will likely influence broader market sentiment, drawing attention to Pendle Finance’s unique positioning in the crypto landscape.
For investors and market watchers, HashKey Capital’s activities with PENDLE offer insights into effective market strategies and the potential for significant returns in the evolving digital asset space.
The ongoing developments with PENDLE and its market performance will be closely monitored, given its recent gains and strategic accumulation by major players like HashKey Capital.
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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The post HashKey Capital Increases PENDLE Holdings: A Strategic Move Amid Market Dynamics appeared first on The Merkle News.
