Pendle (PENDLE) has emerged as a standout performer in the cryptocurrency market, demonstrating significant gains recently.
At the time of writing, Pendle is trading at $4.49, marking a notable 16.15% increase over the past 24 hours and a 29.33% rise from the previous week, according to data from Coinmarketcap.
PENDLE Whale Movement and Profitable Strategy
On-chain reports from Spotonchain reveal that a prominent whale, identified as 0x97e, recently withdrew 851,298 PENDLE tokens worth $3.73 million from Binance’s hot wallet. This transaction follows a period of six months of inactivity with the token.
Since December 4, 2023, the whale has strategically withdrawn a total of 1.703 million PENDLE tokens from Binance, acquiring them at an average price of $2.787. This strategic move has resulted in an estimated cost of $4.75 million.
Currently, the whale holds the entire 1.703 million PENDLE tokens across two wallets, with a combined value of $7.51 million. This position reflects an unrealized profit of $2.76 million, equating to a significant gain of 58.2%.
The $PENDLE price rebounded by ~15% today!
30 minutes ago, a whale withdrew 851,298 $PENDLE ($3.73M) from #Binance again after 6 months of inactivity with the token.
Currently, this whale holds 1.703M $PENDLE ($7.51M) and has an unrealized profit of $2.76M (+58.2%)!
Follow… pic.twitter.com/0M0uxyC9Zw
— Spot On Chain (@spotonchain) July 15, 2024
Market Impact on PENDLE and Investor Interest
The whale’s activity underscores a bullish sentiment surrounding Pendle, with large-scale investors capitalizing on the token’s upward momentum. Such movements often influence market dynamics, signaling confidence and potentially attracting further investor interest.
Pendle’s robust performance and the strategic actions of whales like 0x97e highlight the evolving strategies within the crypto space, where informed investments can yield substantial returns. As the market continues to evolve, stakeholders will be closely monitoring Pendle’s trajectory and the impact of significant investor movements on its price and market perception.
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: alfazetchronicles/123RF // Image Effects by Colorcinch
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