PENDLE Whale Moves 1.1 Million Tokens To Binance; Sell Expected

(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.

Source: Coinmarketcap

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.

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.

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