(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.