Trader With Good Track Record Deposits $3.5M Into Major Exchange to Buy This Ethereum and Avalanche-Based Crypto
A trader known for their exceptional ability to buy low and sell high has made a substantial $3.54 million deposit to Binance, one of the world’s largest crypto exchanges. On-chain data from Lookochain reveals the funds were earmarked to acquire PENDLE, an Ethereum and Avalanche-based decentralized finance (DeFi) token.
The trader, identified as HashKey, transferred 500,000 PENDLE tokens worth $3.54 million to their Binance account just 25 minutes prior to this deposit, according to the blockchain analysis firm Lookonchain. This move suggests HashKey is gearing up for a major accumulation of the cross-chain DeFi token.
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PENDLE is the native cryptocurrency of the Pendle decentralized platform, which provides permissionless lending and borrowing services for both centralized and decentralized assets. It operates across the Ethereum and Avalanche blockchains, facilitating loans without requiring overcollateralization from borrowers.
While the specifics of HashKey’s trading strategy are unclear, their past performance with PENDLE has been extraordinary. Lookonchain data shows HashKey currently holds 446,679 PENDLE tokens valued at approximately $3.18 million. More impressively, their total profit from trading this token stands at a staggering $9.7 million – a 470% return on investment.
Such an incredible track record underscores why HashKey’s movements are closely monitored within crypto circles. Their ability to accumulate PENDLE at low prices and sell at significant highs has proven exceptionally profitable.
With this latest $3.54 million allocation, market analysts will be watching to see if HashKey can recreate their prior success with PENDLE. Their seal of approval could catalyze a new wave of investment for this Ethereum and Avalanche-based DeFi token.
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