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.
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.
You may also be interested in:
- Cardano Surges Past Important Resistance, Analyst Predicts ADA Could Reach $0.85 If This Happens
- This Shiba Inu Indicator Flashes “Buy” Signal – Pay Attention SHIB Holders
- Avalanche (AVAX) Resilience at $36.33 Amid Ethereum (ETH) Competition; Dogecoin (DOGE) Poised for Rally, Analyst Forecasts; Early Bitcoin (BTC) Investor Predicts Kelexo (KLXO)
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters