The native asset of the Pendle protocol, PENDLE, has achieved a new milestone by reaching an all-time high (ATH) of $2.70. This surge in price coincides with the protocol’s team transferring a significant amount of PENDLE tokens to the Binance exchange. Pendle is known for its innovative approach to tokenizing and trading future yield, marking its significance in the decentralized finance (DeFi) sector.
Team’s Strategic Token Movements
Spot On Chain, an on-chain data platform, highlighted the movement of approximately 477,211 PENDLE tokens, valued at around $1.27 million, to Binance by two wallet addresses likely associated with the Pendle team. This transfer occurred as the token’s value hit a new ATH, suggesting potential sales by the team.
Historical data reveals that these wallets had acquired over a million PENDLE tokens in 2022 and 2023 when the price was a mere $0.146. Currently, these wallets still hold 487.5 thousand PENDLE, now worth $1.3 million, indicating a significant return on investment.
Pendle’s unique Automated Market Maker (AMM) system facilitates the trading of time-decaying assets, offering users innovative options to manage future yields. This feature has made Pendle a popular choice within the DeFi community.
The recent price performance of PENDLE shows a 41.16% increase in the past 24 hours, with a 43.86% rise over the last week and an impressive 131.20% growth in the past month. If the current trend persists, PENDLE may continue to set new records and potentially exceed the $3 mark in the near future.