Following its listing on Binance, one of the top cryptocurrency exchanges in the world, Pendle (PENDLE), a technology that permits the tokenization and trading of future income, has lately seen a dramatic 50% increase in value. The Pendle rise has obviously been aided by the Binance listing, but it is not the only reason for the token’s outstanding success.
This year, PENDLE has experienced amazing growth. The token has soared from a pitiful $0.046 at the beginning of the year to $0.76, representing an astounding 1,552% gain in value. A spike of this size cannot be explained by a recent listing alone. A thorough examination of the on-chain data shows some intriguing details about the processes underlying Pendle’s exceptional performance.
Early on, whales, or big investors, began acquiring PENDLE, which considerably boosted its price. Since February 9, one such whale, identified as “0xc54a,” has been continuously purchasing PENDLE from several centralised and decentralised exchanges (DEXes).
The average cost to purchase the whale was around $0.2852, and at the current price, earnings are a stunning $1.58 million, representing a 162% gain.
Whales’ accumulation of PENDLE can be viewed as a resounding endorsement of the protocol’s long-term viability. Forward-thinking investors are intrigued by Pendle’s novel approach to yield farming, which gives customers the option to tokenize and exchange future output.
Users have greater influence over future yield thanks to the protocol’s revolutionary Automated Market Maker (AMM), which also offers special options for its usage.
