The cryptocurrency market today honed in on a single cryptocurrency following a surprise listing. Pendle (PENDLE), listed by Binance, the world’s largest cryptocurrency exchange by trading volume, caught significant momentum with this listing. However, it appears Binance wasn’t the only reason, and the rally could continue.
PENDLE, In the Spotlight with its Surge
Pendle Finance, an Automatic Market Maker (AMM) focused project, seems poised to become the golden child of the DeFi world. PENDLE, which had a surge of 50% and above today, had been signaling this rally for a long time.
The growth of PENDLE has been accelerating since the beginning of the year. Starting at $0.046, PENDLE has now risen to $0.76, achieving a 1,552% rise. However, this increase cannot solely be attributed to the Binance listing. The reasons behind PENDLE’s impressive performance can also be seen when looking at on-chain data.
Whales are Competing for PENDLE
Looking at PENDLE’s on-chain data, it can be seen that the whale owning the wallet starting with “oxc54a” bought 3.44 million PENDLE from many sources, both DEX and CEX. This purchase dates back to February 9th, and the whale’s average purchase price is around $0.28. This means a short-term gain of $1.58 million, or 162%.
It is clearly visible from the on-chain data that whales have been purchasing PENDLE for a long time. The purchases by the aforementioned whale are one of the biggest proofs of PENDLE’s promising future. The protocol’s long-term growth is likely to be proportional to the initial purchases of the whales. Some people, “in the know” in DeFi-focused products, give important signals about the future with their previous purchases. Of course, factors like the project’s goals, roadmap, and team also play a significant role. The project’s automatic market maker function supporting multiple assets and giving users control over potential returns is a major advantage. This can be highlighted as a feature of PENDLE that will cause the listing directly, apart from the listing. The future for PENDLE may be even brighter with the Binance listing.
