As a protocol that stands out for tokenizing and trading future yield, the native asset of Pendle, PENDLE, recently hit a new record. The price of the altcoin reached an all-time high (ATH) of $2.70, while the team behind the protocol sent thousands of PENDLE to the Binance exchange.
Substantial PENDLE Sales from the Team
The on-chain data platform Spot On Chain drew attention to notable activity for PENDLE, the native asset of the recently record-breaking Pendle protocol. Spot On Chain reported that today, as PENDLE reached a new ATH, two wallet addresses, likely belonging to the protocol’s team, deposited approximately 477,211 PENDLE worth $1.27 million at a price of about $2.66 to the Binance exchange. This transaction could be interpreted as the team selling the mentioned tokens.
The on-chain data platform mentioned that these wallet addresses particularly acquired 1.06 million PENDLE during the years 2022 and 2023 when the price was only about $0.146. The data now indicates that these wallet addresses hold 487.5 thousand PENDLE worth $1.3 million.
What is Pendle?
Pendle is a significant protocol that enables the tokenization and trading of future yield. With the creation of a new Automated Market Maker (AMM) that supports time-decaying assets, Pendle offers users more control over future yield by providing options and opportunities for use. This makes Pendle particularly preferred in the decentralized finance (DeFi) sector.
According to CoinMarketCap, PENDLE is trading at $2.70, up 41.16% in the last 24 hours. Moreover, the data shows that the altcoin has risen by 43.86% in the last 7 days and by 131.20% in the last 30 days.
If the directional momentum of PENDLE continues, it can be expected to refresh its ATH and continue on its path. Indeed, market observers speculate that the altcoin could surpass $3 in the short term, expecting the upward trend to continue.
