Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Pendle (PENDLE), a protocol that enables tokenization and trading of future yield, has experienced a massive 50% surge in its value recently, following its listing on Binance, one of the world's leading cryptocurrency exchanges. While the Binance listing has undoubtedly played a significant role in Pendle's rally, it is not the sole factor behind the token's remarkable performance.
The journey of PENDLE's growth this year has been impressive. From a meager $0.046 at the start of the year, the token has shot up to $0.76, marking an astonishing 1,552% increase in value. A surge of this magnitude cannot simply be attributed to a recent listing. A deep dive into the on-chain data reveals some interesting insights into the dynamics behind Pendle's remarkable performance.
After #Binance announced the listing of $PENDLE, the price of $PENDLE skyrocketed by more than 50%.
— Lookonchain (@lookonchain) July 3, 2023
The whale with 3.44M $PENDLE ($2.56M) is currently in profit of $3.4M (+340%).
Whales always start accumulating very early!https://t.co/XlEPFQtALX pic.twitter.com/rX2v8Hv2MM
Whales, or large-scale investors, have been accumulating PENDLE early on, contributing significantly to its price rise. One such whale, denoted as "0xc54a," has been consistently buying PENDLE from various decentralized exchanges (DEXes) and centralized exchanges (CEXs) since Feb. 9.
The whale's average buying price was approximately $0.2852, and with current prices, profits stand at an impressive $1.58 million, marking a 162% increase.
Alex DovbnyaThe accumulation of PENDLE by whales can be seen as a strong vote of confidence in the protocol's long-term potential. Pendle’s innovative approach to yield farming, providing users with the ability to tokenize and trade future yield, has piqued the interest of forward-looking investors.
The protocol's novel Automated Market Maker (AMM) supports assets with time decay, providing users with more control over future yield and offering unique opportunities for its utilization.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov