On November 8, a wallet address belonging to the Pendle team transferred 625,000 PENDLE coins, valued at approximately $3.37 million, to Binance. This transfer coincided with the scheduled unlocking of coins allocated to the Pendle team from April 2022 to April 2023.
Coin Unlocking Process
In accordance with the established vesting schedule, the Pendle team has the right to unlock coins at designated intervals. This unlocking process, which began in April 2022 and will conclude in April 2023, allows for the gradual release of the allocated PENDLE coins based on the unlocking rules.
The transfer of the 625,000 PENDLE coins to Binance is reported to be part of this unlocking process.
Potential Effects of the Transfer and Expert Opinions
The transfer of 625,000 PENDLE coins to Binance has raised concerns among market participants. Large-scale coin or token transfers in the cryptocurrency market often lead to price volatility. Experts suggest that the Pendle team’s transfer of such a significant amount to Binance could trigger price fluctuations; however, the Pendle management asserts that the unlocking and distribution of the coins are necessary for the platform’s sustainability, somewhat alleviating these concerns.
Such transfers are closely monitored by coin holders and potential investors, as the impact of large coin movements on the market makes this scrutiny crucial.
At the time of reporting, the price of PENDLE coin had risen by 4.58% in the last 24 hours, trading at $5.38. Despite this price increase, it is worth noting that the trading volume of the altcoin has decreased by over 5%, falling to $160.68 million.
