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Pendle Saw Massive 50% Surge, But Binance Listing Isn't Only Reason

Mon, 07/03/2023 - 08:48
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Arman Shirinyan
Protocol showing meme token-tier growth but offers far more utilization
Pendle Saw Massive 50% Surge, But Binance Listing Isn't Only Reason
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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.

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.

Bitcoin Sees "Significant Upward Trend" in Accumulation

The 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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.