Recently, a significant whale event has taken place in the crypto market. Lookonchain, a well-known on-chain analytics provider, has highlighted the activities of an altcoin whale that has transacted a huge amount of $PENDLE tokens. The analytics platform took to its official account on X to provide the details of this event.
A whale transferred out 1.1M $PENDLE($3.8M) in the past hour(will deposit it into #Binance for sale), leaving 1M $PENDLE($3.5M).This whale bought 3.44M $PENDLE from CEX and DEX from Feb 9 to Apr 27, 2023, with an average price of only $0.32.https://t.co/xnGArUHzYJ pic.twitter.com/QdsXxNbNFn
— Lookonchain (@lookonchain) July 8, 2024
A Whale Shift 1.1M $PENDLE Altcoin to Deposit into Binance
In its latest X post, Lookonchain noted that the amount of the transaction equals 1.1 million $PENDLE coins. The respective figure reportedly accounts for up to $3.8 million. According to Lookonchain, the respective transaction has taken place in the recent hour. In line with the expectation, the whale will deposit these tokens to the well-known crypto exchange Binance for sale.
Irrespective of the massive transaction, the whale even now holds an amount of nearly 1M $PENDLE. This figure equals approximately $3.5 million. In line with this activity, it seems that the whale has a remarkable stake in the $PENDLE token. Apart from that, it reflects the whale’s strategic trading and investment maneuvers. The whale reportedly started dealing with $PENDLE earlier in 2023.
The Activity Reveals the Whale’s Confidence in $PENDLE’s Long-Term Value
It obtained a cumulative 3.44M $PENDLE coins from February 9 to April 27 last year. The whale carried out these acquisitions via decentralized and centralized exchanges at $0.32 as an average price. This move is noteworthy in line with some reasons. The transaction of such a big $PENDLE amount into Binance signifies a continuous interest in the respective asset. This potentially suggests the whale’s confidence in $PENDLE’s long-term value.