HashKey Capital, a major investment firm in the cryptocurrency space, recently bought back a significant amount of PENDLE tokens from Binance, the world's largest cryptocurrency exchange by trading volume.
HashKey Capital spent a total of $912,000, recollecting 1.067 million PENDLE tokens from Binance at an average price of $0.855 per token.
The move came as the price of PENDLE showed signs of decline after listing on the exchange, reaching an all-time high of $1.38 on July 3, 2023. The PENDLE price has since dropped more than 38%, trading at $0.90 as of this writing.
Interestingly, HashKey Capital became one of the largest PENDLE token sellers on the exchange after the listing. The firm earned a total of $2.78 million by investing 2,414 million PENDLE tokens on Binance at an average price of $1,151 per token.
HashKey Capital repurchased PENDLE tokens at a lower price, making a profit of $1.86 million from its trading on the exchange. The firm currently holds 1.067 million PENDLE tokens, valued at approximately $950,000 at the current market price.
*Not investment advice.
