PENDLE, the native token of the Pendle platform, a real-world asset (RWA) tokenization service, is experiencing a period of market stability. However, an analysis of CoinMarketCap data reveals that the token has surged 130 times since its November 2022 lows and has seen a 41% increase from its all-time highs recorded in 2024.
Whales Sending Tokens To Binance
As token prices stabilize, new concerns have arisen. Market trackers indicate that the Pendle Foundation, responsible for promoting the RWA platform, has been offloading tokens. Concurrently, Arthur Hayes, the co-founder of BitMEX, a pioneering crypto perpetual trading platform, has also been selling.
In the past three weeks, a significant amount of PENDLE tokens have been transferred to Binance, the world’s largest cryptocurrency exchange, which has negatively impacted market sentiment.
Significant Transfers to Binance
On September 16, the Pendle Foundation’s governance wallet moved 600,000 PENDLE, valued at over $2.4 million, to Binance. Over the past year, this wallet has transferred 3.72 million PENDLE, worth approximately $11.95 million, to the exchange.
Similarly, Spot on Chain has detected transfers from Arthur Hayes. On September 24, the BitMEX co-founder deposited 240,000 PENDLE, worth over $958,000, to Binance. In the last four days, Hayes has moved more than $6.5 million worth of PENDLE to the exchange.
Implications of Whale Movements
Although there is no concrete evidence that Hayes has been selling, moving tokens to Binance could indicate his intention to sell. Currently, Hayes holds over 253,000 PENDLE, valued at nearly $990,000. This holding represents around 4% of his total cryptocurrency portfolio.
PENDLE Up 100% From August Lows, Will Whales HODL?
Despite the transfer activities, PENDLE has managed to recover from its Q3 2024 weaknesses. Buyers have re-entered the market after the token fell to as low as $1.7 in early August.
At the time of writing, PENDLE is up 100% from its August lows, with buyers aiming to reclaim the April 2024 highs of around $7.2. For the upward trend to continue, it is crucial that buyers maintain the price above $3.5, which was the high in August, and sustain the current momentum.
Technical Indicators Support Bullish Sentiment
Analyzing the daily chart, bull bars are clustering along the upper Bollinger Bands (BB), a volatility indicator, suggesting strong underlying momentum. If buyers continue to build on this momentum, PENDLE could achieve new all-time highs, encouraging more whales to HODL.
Currently, CoinMarketCap data shows that over 58% of all PENDLE tokens in circulation are held by whales, underscoring the significant influence these large holders have on the market.
