These 2 Altcoin Teams Transferred Millions to Binance: Prices Took a Hit!

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Recently, on-chain data revealed interesting movements by the team behind two altcoin projects. According to the data, the team behind PENDLE and STORJ transferred a large amount of coins to the crypto exchange Binance. Since transferring a coin to the exchange creates concerns about sales, investors have their eyes on these two coins. Here are the details…

Those behind altcoin PENDLE transferred the $660 thousand coin

Pendle Finance’s developer ecosystem fund has surprisingly launched a major move by transferring 1 million PENDLE tokens, worth approximately $660,000, to leading cryptocurrency exchange Binance. This move, believed to be a sell-off, had an immediate impact on the price of the PENDLE token, causing it to drop more than 2%. As of the last update, PENDLE is trading at $0.64.

The ecosystem fund had recently received a significant infusion of 23 million PENDLE tokens, equivalent to approximately $15 million, thanks to a time-based contract locking system. This influx of tokens marked a significant increase in the fund’s assets and attracted a lot of attention in the crypto community. Pendle Finance, the driving force behind the PENDLE token, operates as a decentralized finance (DeFi) platform. An interesting aspect of this development lies in the analysis of altcoins on the Pendle platform. In addition to PENDLE, the fund wallet includes WSTETH with $46.57 million, RETH with $7.37 million and WBETH and SFRXETH with $6 million.

The moves of the Storj team also attracted attention

On the other hand, the Storj network, a decentralized cloud storage platform, was also on the agenda. The project made headlines today with a series of notable transactions involving its native STORJ token. According to Look on Chain and Spot On Chain tracking data, the Storj Team Wallet address is actively moving a significant amount of STORJ tokens to cryptocurrency exchange giant Binance. On October 10, “Storj Team Wallet” received 7 million STORJ tokens from “Storj: MultiSig”, worth approximately $3.43 million. This transaction follows a series of transfers totaling 10.8 million STORJ (approximately $5.3 million) from the Storj wallet to Binance last month.

Remarkably, during the same period, STORJ’s price increased by an impressive nearly 70%. Spot On Chain monitoring also reveals that the Storj team is continuing token transfers, sending a total of 1.5 million STORJ tokens to Binance, equivalent to approximately $764,000, just 9 hours and 2 hours before this report was compiled. Even after these transfers, there are still 875,996 STORJ tokens in the Storj Team Wallet address starting with “0x6e6”. STORJ price, like PENDLE, also decreased after the Binance transfer. It is currently trading at a 12 percent loss.

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