Pendle (PENDLE), a popular DeFi protocol, experienced a massive price increase after being listed on Binance, one of the world’s leading cryptocurrency exchanges. The altcoin managed to climb from its intraday low of $ 0.9082 to $ 1.41. This rally represents an increase of over 55%.
Listing on a major cryptocurrency exchange like Binance can help a project gain the trust of investors as well as increase recognition. The listing of Pendle on Binance allowed the project to reach a wide audience and aroused interest. This, in turn, caused a great increase in the value of the altcoin.
However, not only Binance listing but also whale purchases were behind this huge increase in Pendle’s value. In the cryptocurrency market, investors who own large amounts of cryptocurrencies, called whales, have the power to influence the market. Whales likely contributed to the spike in Pendle’s value.
While PENDLE has achieved a remarkable rise in the last 24 hours, this year’s growth journey was also very impressive. While trading at $0.046 at the start of the year, it rose as high as $0.76, marking a staggering 1552% increase in its value. on-chain data A closer look reveals some interesting points about the dynamics behind Pendle’s outstanding performance.
Whales have been accumulating PENDLE for a while, contributing significantly to the price increase. One such whale, called “0xc54a”, has been constantly buying PENDLE from various decentralized exchanges (DEXs) and centralized exchanges (CEXs) since February 9. The average purchase price of the whale is about $0.2852, so it can be said that this whale is an early investor.
after #Binance the listing of $PENDLEthe price of $PENDLE skyrocketed by more than 50%.
NEWS CONTINUES BELOWThe 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
The whales’ accumulation of PENDLE can be seen as a strong vote of confidence in the long-term potential of the protocol.
As a result, Pendle’s Binance listing and whale purchases have led to a massive increase in the token’s value. These factors ensured the success of the project and the interest of investors. However, it is important for investors to always be careful and do their own research. Cryptocurrency markets can be risky and sudden price changes can occur.
You can follow the current price action here.