Pendle Foundation, BitMEX Co-Founder Moving PENDLE To Binance—What’s Going On?
27 Septembre 2024 - 3:30AM
NEWSBTC
PENDLE, the native token of Pendle, a real-world asset (RWA)
tokenization platform, may be steady at press time. However,
looking at CoinMarketCap data, the token is up 130X from its
November 2022 lows and 41% from all-time highs registered in 2024.
Whales Sending Tokens To Binance As prices cool off, there are
emerging concerns. According to trackers, the Pendle Foundation,
tasked with promoting the RWA platform, has been offloading tokens.
At the same time, Arthur Hayes, the co-founder of BitMEX, one of
the first crypto perpetual trading platforms, is selling. Related
Reading: Here Is Why The Bitcoin Bull Run Hasn’t Started, According
To Analyst Specifically, over the last three weeks, a big chunk of
PENDLE transfers have been moved to Binance, the world’s largest
crypto exchange, a net negative for sentiment. On
September 16, the foundation’s governance wallet moved 600,000
PENDLE worth over $2.4 million to Binance. Over the past year, the
wallet has moved 3.72 million PENDLE worth over $11.95 million to
Binance. Meanwhile, Spot on Chain has also picked out transfers
from Hayes. On September 24, the BitMEX co-founder deposited
240,000 PENDLE worth over $958,000 to Binance. Over the last four
days, Hayes has moved more than $6.5 million of the token to
Binance. Hayes is one of the PENDLE whales. Although
there is no direct proof that the former BitMEX executive has been
selling, moving tokens to Binance could signal his intention to
sell. Currently, Hayes owns over 253,00 PENDLE worth nearly
$990,000. This holding represents around 4% of his overall crypto
portfolio. PENDLE Up 100% From August Lows, Will Whales HODL?
Despite the exchange transfers, the token continues to shake
off Q3 2024 weaknesses. Buyers are back in the equation after
sinking to as low as $1.7 in early August. Related Reading:
BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC
Worth $22 Billion At press time, the token is up 100% from August
lows, and buyers are bent on reclaiming the April 2024 highs at
around $7.2. For the uptrend to remain, buyers must hold steady
above $3.5, or August highs, and sustain the current upside
momentum. Looking at the daily chart, bull bars are banding along
the upper BB–a volatility indicator–suggesting that the underlying
momentum is strong. If buyers build on this, PENDLE could register
fresh all-time highs, incentivizing more whales to HODL. Currently,
CoinMarketCap data shows that over 58% of all tokens in circulation
is held by whales. Feature image from iStock, chart from
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