Pendle (PENDLE), the token of Pendle Finance, has seen a 3% drop in price within the last 24 hours. This decline comes as a large whale deposits a substantial amount of PENDLE tokens on Binance, likely for profit. Meanwhile, Arthur Hayes, the former CEO of BitMEX, has staked 1.65 million PENDLE tokens, valued at around $8.4 million, until September. The price of PENDLE has been hovering around $5.13 across various exchanges, marking a 16% decrease over the past week. This dip is part of a broader market trend, with cryptocurrencies experiencing a drop following Bitcoin’s decline below $68,000.
The recent sell-off pressure on PENDLE can be attributed to Hayes’ unstaking of 1.55 million PENDLE, resulting in a price drop from $6.30 to $5.34. Additionally, a major whale recently deposited 755,000 PENDLE tokens worth $3.83 million on Binance, after initially withdrawing 5.02 million PENDLE tokens from the exchange in August 2023. Despite these fluctuations, Hayes has locked an additional 1.65 million PENDLE tokens until September 2024, signaling his optimism for the token.
The total value locked (TVL) in the Pendle ecosystem has reached over $6.52 billion, showing a 53% increase in the past 30 days. While PENDLE is currently trading at levels seen in early May, the key support area to watch is $5.00. If bulls manage to hold above this level, they may regain control of the price. On the other hand, a dip below $5.00 could strengthen bearish sentiment in the market. In summary, the recent activity surrounding PENDLE, including whale deposits and Hayes’ staking, indicates both challenges and opportunities for the token’s price in the near future.
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