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Binance Announces PENDLE Listing, Triggers Massive Whale Actvity

Semilore Faleti
by Semilore Faleti
1 year ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

PENDLE, native token of Pendle Finance, has recorded significant whale activity today, July 3,  following its listing announcement by the world’s biggest cryptocurrency exchange Binance. 

In the early hours of the day, Binance stated it would be listing PENDLE in its Innovation Zone and that the token would be viable for spot trading starting from 10:00 (UTC). 

On Binance, the Innovation Zone represents a customized trading zone for new, “innovative” tokens with higher price volatility and risk than other tokens.

Launched in June 2022, Pendle Finance is a permissionless DeFi protocol designed to grant investors access to future yield on an asset using an automated market maker system (AMM). 

Related Reading: Bitcoin Volume Rises, But Still Remains 65% Lower Than 2021 ATH

PENDLE Whales Respond To Binance Listing

In reaction to Binance’s announcement, some PENDLE whales began moving huge amounts of PENDLE to the trading platform ahead of the token’s listing.

On-chain data analytics firm Lookonchain reported that 3 whales deposited the combined amount of 5.6 million PENDLE – valued at $6.5 million – barely over two hours following the announcement.

The blockchain analytics platform noted that popular digital asset financial service firm Hashkey had deposited 2.4 million PENDLE, valued at $2.8 million, on Binance after the listing announcement. 

Meanwhile, two whales with the wallet address “0x5542” and “0xa9E9” also deposited 2.19 million PENDLE – valued at $2.54 million,  and 1 million PENDLE, valued at $1.16 million – respectively.

Lookonchain stated that these transaction movements indicated a potential selling pressure as these whales could likely sell their tokens on the opening of the trading hours. 

That said, in reaction to the recent exchange listing, PENDLE’s price movement has also drawn much attention from the market. 

Related Reading: Crypto Firms To Keep Clients’ Funds In A Statutory Trust: MAS

PENDLE Experiences Mixed Price Action After Listing

Shortly after Binance announced its intentions to list PENDLE, the token’s market price began pumping over 37% to hit a market price of $1.4045, according to data from CoinMarketCap.

However, since attaining that price zone, the DeFi coin has been on a downward trend losing over 39% of its market value in the last 12 hours.

According to the price prediction site, Coincodex, the current sentiment surrounding PENDLE is neutral. However, Coincodex backs the token to make a recovery and gain by 28.62% to trade at $1.2099 in the next five days.

That said, it is worth stating that predictions are not guaranteed and should not be considered financial advice.

PENDLE is exchanging hands at $0.8734 at the time of writing, reporting a 9% loss on the last day. However, the token’s daily trading volume shows high market activity, having increased by 2227.39% to attain its current value of $64 million. 

Binance

PENDLE Trading At $0.8668 On The 1-Hour Chart | Source: PENDLEUSD Chart on Tradingview.com
Feature Image: NOAA Fisheries, chart from Tradingview.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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