Pendle (PENDLE) Whale Alert: $3.8M Dumped on Binance

• Whale deposited 755,000 PENDLE, equal to $3.83 million to Binance for revenue.
• The identical whale withdrew 5.02 million PENDLE, value $2.73 million on August 18, 2023.
• Arthur Hayes locked 1.65 million PENDLE value $8.4 million till September 5, 2024.

Lookonchain, an on-chain analytics platform, has detected important trades involving PENDLE, the native cryptocurrency of the Pendle protocol. The platform recognized a whale who deposited 755,000 PENDLE, equal to $3.83 million, to Binance for profit-taking.

In line with Lookonchain, the identical whale withdrew 5.02 million PENDLE, value $2.73 million, from Binance on August 18, 2023, when PENDLE traded at $0.54. After the current switch to Binance, the whale nonetheless holds 4.27 million PENDLE, equal to $2.17 million, with a complete revenue of $22.8 million, representing an 834% return.

In the meantime, Lookonchain additionally noticed that BitMEX co-founder Arthur Hayes lately locked 1.65 million PENDLE, value $8.4 million, till September 5, 2024. Hayes’ lock-up follows his unstaking of 1.55 million PENDLE, equal to $9.41 million, on June 6. Following the June 6 unlock, Hayes’ PENDLE holding dropped to $1.69 million, amounting to $10.26 million.

Arthur Hayes held a place in PENDLE with a mean buy worth of $2.24 per token, in keeping with Lookonchain. The on-chain analytics agency additionally revealed that Hayes had $6.46 million in unrealized income on his PENDLE holdings on the time of the report

For the uninitiated, Pendle is a protocol that allows the tokenization and buying and selling of future yield. It presents a extra granular management over their yield by offering optionality and alternatives for utilization.

Pendle’s native token, PENDLE, traded for $5.15 on the time of writing, in keeping with TradingView information. The altcoin reached an all-time excessive of $7.53 on April 11 earlier than retracing amid a common crypto market pullback.