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Whales Dump Millions in PEPE And This Altcoin

Felix Küster Felix Küster
January 31, 2024
Whales Dump Millions in PEPE And This Altcoin

Major activity seems afoot in the decentralized future yield tokenization protocol Pendle based on the latest on-chain data and transaction flows.

Over the past day, analysts at Spot On Chain detected 4.043 million PENDLE tokens worth $10.97 million deposited to Binance from large institutions like Spartan Group.

1.98 million PENDLE was moved by Spartan Group, and 600,000 PENDLE was likely done by the Pendlefi team.

An additional 23.92 million PENDLE tokens worth $64.3 million are remaining in four wallets for potential distribution.

Further stirring volatility, a separate report showed an Ethereum whale dumping 1.731 trillion PEPE tokens worth $1.74 million to realize an 85% profit overnight. Sharp upticks in distribution flows tend to pressure prices in the short run.

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So while positive tailwinds lifted Pendle recently around adoption milestones, the amplified activity by prominent holders forewarns of turbulence ahead. With bases loaded on major exchanges, the stage looks set for heavy price swings on both sides.

Pendle specifically remains prone to aggressive volatility, given its still-limited liquidity profile in the crypto market. Traders must prepare by implementing disciplined risk measures for navigating the newly choppy conditions.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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