Remarkably, Pendle Finance token PENDLE reached an all-time high today.
PENDLE Reached ATH Level
Following the rise, the transactions made by two whales of the altcoin to Binance attracted attention. Two wallets thought to be associated with investors of Pendle Finance developers deposited 477,211 PENDLE to Binance, equivalent to approximately $1.27 million.
The deposit was made while the token was trading at approximately $2.66. At the time of writing this article, PENDLE is trading at $2.72, rising even further after the said deposit.
The price of the altcoin has increased by more than 20% in the last 24 hours. PENDLE, which is listed on Binance but not yet listed on Coinbase, another major cryptocurrency exchange, currently has a market value of $643 million.
What makes these transactions particularly noteworthy is the history of these wallets. Wallets previously locked 1.06 million PENDLE in 2022 and 2023, when the token price was only $0.146.
Despite making such a significant deposit, these wallets continue to hold significant amounts of PENDLE. They currently hold 487.5k PENDLE worth approximately $1.31 million.
The decision to hold the token for two years appears to have been a lucrative decision for these investors. Thanks to this strategy, they made a profit of $2.42 million, a seventeen-fold increase on their initial investment.
*This is not investment advice.