Pendle Finance’s Ecosystem Fund has made another significant transfer, depositing 600,000 PENDLE tokens, valued at $1.64 million, to Binance.
This move is part of a broader trend in 2024, where the Ecosystem Fund has deposited a net total of 4 million PENDLE, worth $11.2 million, into various centralized exchanges (CEXs).
Ters İndikatör İş Başında
Saat 17:30’da Binance borsasına 600000 adet $PENDLE token transferi yapıldı ki muhtemel bir satış istemi olabilir
Bahsi geçen cüzdanın geçmiş Binance transferlerini incelediğimizde borsa transferlerinden sonraki günlerde yükselişler olduğunu görüyoruz.… pic.twitter.com/rDmqTmCAJz
— Ercan Sak (@CryptoPNZ) August 12, 2024
Since January 3, the fund has transferred 5 million PENDLE to Binance at an average price of $2.92, totaling $14.6 million. However, not all transactions have been deposits; on July 10, the fund withdrew 1 million PENDLE from Crypto.com at $3.42 per token, amounting to $3.42 million.
$PENDLE Shows Strength Despite Recent Happenings
Interestingly, the price of PENDLE typically experiences a slight dip following these deposits, but it quickly rebounds, reflecting a resilient market response. As of now, the Pendle Finance Ecosystem Fund still holds a substantial 18.56 million PENDLE, valued at $50.86 million.
Pendle Finance’s Ecosystem Fund deposited 600K $PENDLE ($1.64M) to #Binance ~11 hours ago.
So far in 2024, the fund's address has moved a net amount of 4M $PENDLE ($11.2M) to CEXs, leaving 18.56M $PENDLE ($51M) remaining.
The $PENDLE price often dips slightly after the fund’s… pic.twitter.com/MLH5TI9xzs
— Spot On Chain (@spotonchain) August 13, 2024
A recent report on X highlighted that past transfers to Binance from the Ecosystem Fund have often been followed by price increases in the days afterward. This pattern suggests that these strategic deposits could be positioning Pendle for favorable market movements.
Overall, Pendle Finance’s calculated approach to managing its Ecosystem Fund indicates a careful balancing act of liquidity and market timing. With significant holdings still in reserve, it will be interesting to see how future transactions unfold and their impact on PENDLE’s market performance.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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