Whale Alert: Large PENDLE Deposit on Binance amidst Recent Price Action

IconCryptoNewsTerminal Staff07 Jul, 2024

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Whale Alert: Large PENDLE Deposit on Binance amidst Recent Price Action

On-chain analyst ai_9684xtpa recently reported the deposit of 375k PENDLE tokens ($1.32 million) to Binance by a whale. This whale has been steadily accumulating PENDLE over the last 5 months and has gradually been distributing it since the end of April. The whale has sold a total of ~$17.78 million worth of PENDLE in the past 2 months, coinciding with a ~37% drop in PENDLE's price from $5.65 to $3.52. This suggests that the whale may be profiting from the price drop. It's important to note that the whale's intentions remain unknown. While the deposit to Binance may indicate an intent to sell, it could also be a strategic move to secure their funds or to take advantage of the platform's liquidity. The PENDLE ecosystem should monitor this whale's activity closely as it could potentially impact the token's price. The whale's previous distribution and selling patterns have influenced PENDLE's value, and further actions by the whale could have similar effects.

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