- A PENDLE whale withdrew 850K tokens from the Binance exchange.
- Retails consider the whale’s action as a bullish signal.
- PENDLE has gained 37.2% in the past 10 days.
A crypto analyst on X (formerly Twitter) has observed significant whale activity involving PENDLE, the native cryptocurrency of the future yield tokenization protocol, Pendle.
In a recent post, they noted that a whale who opened a PENDLE position seven months ago transferred 850,000 PENDLE, worth $3.74 million, from Binance.
The analyst also noted that before the transfer from Binance, the whale concluded a six-month PENDLE lock-up, receiving 365,153 PENDLE tokens. This unlocked a floating profit of $1.08 million, as the average opening price for the token lock-up was $1.44, compared to the current price of $4.41. Their analysis indicates that the whale currently holds 1.7 million PENDLE tokens, valued at $7.49 million at the time of the post.
Retail traders often monitor the activities of large-volume investors, using their behavior to gauge market sentiment and predict future price movements. In this case, transferring a large volume of a digital asset from a centralized exchange like Binance suggests the investor may be holding the assets away from potential exchange for fiat or other digital assets.
This behavior could also indicate that the investor is moving the assets into cold storage for increased security, suggesting a longer-term holding strategy in anticipation of a bullish trend.
PENDLE has recovered from a significant pullback after dropping to $3.243 on July 5. The cryptocurrency has made a 37.2% rebound in the last 10 days, trading at $4.436 at the time of writing, according to TradingView data .
A continued surge could see the altcoin target the $4.77 resistance level before potentially embarking on a more significant rally amid a developing bullish crypto market.
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