A Remarkable Whale Event Unfolds in the Crypto Market
The crypto market has recently witnessed a significant event involving a whale. Lookonchain, a renowned provider of on-chain analytics, has brought attention to the activities of an altcoin whale that has engaged in a substantial transaction involving $PENDLE tokens. The official account of Lookonchain on X has provided detailed information about this event.
According to Lookonchain, the whale has transferred a staggering amount of 1.1 million $PENDLE tokens, equivalent to $3.8 million, within the past hour. It is expected that the whale will deposit these tokens into the popular cryptocurrency exchange, Binance, for the purpose of selling them. Despite this massive transaction, the whale still retains a significant amount of nearly 1 million $PENDLE tokens, which is approximately worth $3.5 million.
This event sheds light on the extensive stake that the whale holds in the $PENDLE token, indicating strategic trading and investment maneuvers. The whale’s involvement with $PENDLE dates back to early 2023 when it acquired a total of 3.44 million $PENDLE coins from both centralized and decentralized exchanges. Remarkably, the average price at which these acquisitions were made was only $0.32.
The magnitude of the transaction, involving the transfer of a substantial amount of $PENDLE tokens to Binance, signifies ongoing interest in the asset. This demonstrates the whale’s confidence in the long-term value of $PENDLE.