Binance Backed Altcoin Drops the Most of the Day: Whales May 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, lost 10.6 percent of its value on a daily basis and is trading at $3.42 as of this morning.

But this whale bought PENDLE at much lower prices. According to Lookonchain data, the whale purchased PENDLE from centralized and decentralized cryptocurrency exchanges between February 9 and April 27, 2023, at an average price of $0.32 per unit.

Binance's $10 billion investment arm, Binance Labs, 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.”