(Monday 08 July 2024, 03:33 AM GMT):
The cryptocurrency market is currently experiencing bearish momentum, with significant price drops in major cryptocurrencies. Bitcoin (BTC) has fallen to the $55,000 level, down from a high of $58,500 in the last 24 hours.
Amidst this downturn, the Pendle token (PENDLE) has also seen a notable dip. PENDLE, a utility and governance token for the decentralized protocol Pendle, dropped by 12.27%, trading at $3.47 with a market cap of $541 million.
PENDLE Whale Activity:
In the latest news, Lookonchain monitoring has reported a significant movement of PENDLE tokens. A whale transferred out 1.1 million PENDLE, worth about $3.8 million, to Binance. This move is expected to precede a large sell-off. The same whale also holds another 1 million PENDLE, valued at approximately $3.5 million. This whale had previously purchased 3.44 million PENDLE from centralized and decentralized exchanges between February 9 and April 27, 2023, at an average price of just $0.32.
A whale transferred out 1.1M $PENDLE($3.8M) in the past hour(will deposit it into #Binance for sale), leaving 1M $PENDLE($3.5M).
— Lookonchain (@lookonchain) July 8, 2024
This whale bought 3.44M $PENDLE from CEX and DEX from Feb 9 to Apr 27, 2023, with an average price of only $0.32.https://t.co/xnGArUHzYJ pic.twitter.com/QdsXxNbNFn
This substantial transfer and potential sell-off are likely contributing to the bearish sentiment around PENDLE, adding to the overall market’s current downward trend.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
