Surprisingly, a transfer was made from Pendle's (PENDLE) developer ecosystem fund to the cryptocurrency exchange Binance.
Developers moved 1 million PENDLE tokens, worth approximately $660 thousand, to the exchange, presumably for sale. Following the development, PENDLE price decreased by more than 2%. At the time of writing this article, the token is trading at $0.6534.
The ecosystem fund in question had recently received 23 million PENDLE tokens, or approximately $15 million, from a time-based contract locking system.
PENDLE, a small-medium cryptocurrency with a market cap of $154 million, powers DeFi platform Pendle Finance, which also offers users the opportunity to trade tokenized versions of real-world assets.
When all the altcoins within the Pendle platform are examined, it is observed that they hold another 32.40 million dollars of PENDLE tokens in their wallet addresses. In addition, it holds WSTETH worth $46.57 million, RETH worth $7.37 million, WBETH worth $6 million, and SFRXETH worth $6 million.
*This is not investment advice.