Pendle Saw Massive 50% Surge, But Binance Listing Isn't Only Reason

u.today 03 July 2023 10:22, UTC

Altcoins

Pendle ($PENDLE), a protocol that enables tokenization and trading of future yield, has experienced a massive 50% surge in its value recently, following its listing on Binance, one of the world's leading cryptocurrency exchanges. While the Binance listing has undoubtedly played a significant role in Pendle's rally, it is not the sole factor behind the token's remarkable performance.

The journey of $PENDLE's growth this year has been impressive. From a meager $0.046 at the start of the year, the token has shot up to $0.76, marking an astonishing 1,552% increase in value. A surge of this magnitude cannot simply be attributed to a recent listing. A deep dive into the on-chain data reveals some interesting insights into the dynamics behind Pendle's remarkable performance.

After #Binance announced the listing of $PENDLE, the price of $PENDLE skyrocketed by more than 50%.

The whale with 3.44M $PENDLE ($2.56M) is currently in profit of $3.4M (+340%).

Whales always start accumulating very early!https://t.co/XlEPFQtALX pic.twitter.com/rX2v8Hv2MM
— Lookonchain (@lookonchain) July 3, 2023

Whales, or large-scale investors, have been accumulating $PENDLE early on, contributing significantly to its price rise. One such whale, denoted as "0xc54a," has been consistently buying $PENDLE from various decentralized exchanges (DEXes) and centralized exchanges (CEXs) since Feb. 9.

The whale's average buying price was approximately $0.2852, and with current prices, profits stand at an impressive $1.58 million, marking a 162% increase.

The accumulation of $PENDLE by whales can be seen as a strong vote of confidence in the protocol's long-term potential. Pendle’s innovative approach to yield farming, providing users with the ability to tokenize and trade future yield, has piqued the interest of forward-looking investors.

The protocol's novel Automated Market Maker (AMM) supports assets with time decay, providing users with more control over future yield and offering unique opportunities for its utilization.