On-chain activities have seen a significant PENDLE deposit on the Binance exchange by a prominent crypto whale, identified by the address 0xb26. This entity transferred a massive 784,231 PENDLE, valued at approximately $4.12 million, in two separate transactions. Consequently, this action has raised eyebrows within the cryptocurrency community, triggering discussions on potential market impacts.
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Whale Movements and Market Impact
The whale, part of a larger network, has been actively trading the PENDLE token since mid-February 2023. They have accrued an estimated profit of $19.2 million from these transactions. Data from Spotonchain reveal that this network purchased 5.458 million PENDLE at an average price of $1.449, totaling around $7.91 million.
As prices began to soar, the network sold approximately 2.743 million PENDLE at an average of $5.141 each, realizing a 255% profit increase. Despite these sales, the whale still retains 2.71 million PENDLE, with an unrealized profit of $9.04 million.
Market Sentiment and Recent FUD
Adding to the market dynamics, a tweet from Prithvir, a figure in the crypto space, sheds light on FUD (fear, uncertainty, and doubt) lately surrounding PENDLE. According to Prithvir, misinformation had spread about Pendle’s allocation from the @eigenlayer project, contributing to a price drop.
However, the team has clarified that the 10% allocation for DeFi farming protocols in Phase 1 is due to the complexity of their operations, with more to come in subsequent phases. This explanation aims to reassure investors who fear they might miss out on their due rewards.
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Show more +Analyzing the Investment Potential
Despite the dip, Prithvir advocates for PENDLE as a solid investment, pointing to its resilience and ability to attract total value locked (TVL) from diverse sources. Moreover, the platform’s capability to facilitate trading on yield-bearing tokens offers a compelling value proposition. The current price of PENDLE stands at $4.49, down by 13.71% over the last 24 hours, according to CoinMarketCap.
The combination of large-scale whale transactions and temporary market fears has contributed to the volatility in PENDLE’s price. However, the fundamentals of the Pendle project, coupled with clear communication from its team, suggest that current price levels might represent a buying opportunity for long-term believers in the project.
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