Binance Backed Altcoin Drops the Most of the Day: Whales May Sell!
Whales got involved in the altcoin project supported by Binance, the world's largest cryptocurrency exchange.
According to information provided by the blockchain analysis platform Lookonchain, a whale deposited 1.1 million PENDLE into the Binance exchange.
Bought under $1
According to Lookonchain data, the whale sent these tokens, which were worth $ 3.8 million at the time of the transaction, to Binance to sell.
PENDLE, Pendle Finance's own token, was one of the projects that lost the most value in the past week. According to CoinGecko data, the PENDLE price has fallen 32.7 percent in the last seven days. PENDLE, which has a market value of 532 million dollars, lost 10.6 percent in value on a daily basis and is traded at $ 3.42 as of this morning.
However, this whale bought PENDLE at much lower prices. According to Lookonchain data, the whale purchased PENDLE from centralized and decentralized cryptocurrency exchanges at an average price of $ 0.32 per unit between February 9 and April 27, 2023.
Binance supports
Binance Labs, Binance's $10 billion investment arm, announced that it invested in Pendle Finance in August 2023.
Pendle Finance enables yield opportunities to be tokenized and traded. Yi He, one of the founders of Binance, commented, “Pendle Finance's innovative yield strategies align with our vision for the future of DeFi.”
Stay tuned for new information
It is not investment advice