Solana-based Memecoin Witnesses Accumulation by Crypto Whales
Whales are causing a stir in the cryptocurrency market, and all eyes are now on Pendle (PENDLE) as Solana meme coins take a backseat. Recent reports suggest that investors have gained confidence in Pendle, as whales actively accumulate the cryptocurrency amid increasing interest and price surges. According to projections, Pendle is expected to reach $8.01 by April 2024. Over the next five days, PENDLE is predicted to experience a 30.37% price increase.
Let’s explore the potential of this exciting new sensation.
Big traders are showing a keen interest in Pendle, which has led to the rise of this new entity. On-chain analytics platforms reveal that whales have been making significant moves with PENDLE tokens on exchanges like Binance. These large holders have been withdrawing and depositing substantial amounts of PENDLE, indicating a bullish outlook on the cryptocurrency. Notably, wallet addresses 0xe675 and 0xAa4c have recently withdrawn millions of dollars’ worth of PENDLE tokens from Binance, highlighting the growing interest among major investors.
Pendle’s price has soared due to various factors, including its exponential growth in total value locked (TVL). According to DefiLlama, Pendle’s TVL has risen from $240 million at the beginning of the year to around $4 billion in April. The cryptocurrency’s increasing popularity and investment potential have attracted attention from both institutional and retail investors, particularly those seeking opportunities beyond Solana meme coins.
Pendle’s unique protocol for tokenizing future yield has positioned it as a promising option in the decentralized finance (DeFi) landscape. With whales actively accumulating PENDLE tokens and a bullish sentiment surrounding the cryptocurrency, Pendle is poised for a significant surge.
Taking a look at the current market snapshot, Pendle’s price remains relatively affordable, trading at $6.78 at the time of writing. However, it has experienced significant growth, with a 25% increase over the past seven days and a monthly gain of over 100%. These figures reflect the growing confidence of investors in this emerging cryptocurrency.
Over the past month, Pendle has seen a gain of 94.86%. In the medium term, Pendle’s trend is positive, with a 374.82% increase in the last three months. With a 1,107.74% price change over the past year, the long-term outlook for Pendle appears promising. At this time last year, PENDLE was trading at $0.502451.
As Pendle continues to gain traction, the crypto community will closely monitor its ability to attract significant investment and maintain its momentum.
Tags:
Altcoins