(Monday 08 July 2024, 03:45 AM GMT):
In today's cryptocurrency market, we're witnessing another bout of bearish momentum. Major cryptocurrencies are experiencing significant price drops, with Bitcoin (BTC) falling to $55,000, down from $58,500 in the past 24 hours.
Amidst the market downturn, $PENDLE the utility and governance token for the decentralized protocol Pendle, saw its price dip by 11.82%. PENDLE is now trading at $3.48, with a market capitalization of $541 million.
Adding to the market's uncertainty, Lookonchain monitoring revealed that a whale recently transferred 1.1 million PENDLE tokens, worth approximately $3.8 million, to Binance. This move suggests a possible sell-off is imminent. The same whale still holds another 1 million PENDLE tokens, valued at about $3.5 million.
The whale's activity dates back to February 9 and April 27, 2023, when they purchased a total of 3.44 million PENDLE tokens from both centralized and decentralized exchanges at an average price of $0.32. This recent movement to Binance has sparked concerns and speculations among traders and investors, wondering if a major sell-off is on the horizon.
As the market reacts to these developments, all eyes are on how the price of PENDLE and other cryptocurrencies will respond in the coming days.