$PENDLE, the governance token of PendleFi, experienced a remarkable surge in its weekly gains, recording an increase of over 19%.
This surge propelled the token to reach all-time high valuations, soaring to approximately $630 million in market capitalization.
As the overarching governance token for PendleFi’s innovative product, $PENDLE enables unprecedented levels of yield control within the Ethereum DeFi sector. With a market cap hovering around $585 million and a gain of over 122% in the past 30 days, $PENDLE stands out among significant Ethereum DeFi assets.
CoinMarketCap data reveals that 92% of $PENDLE’s token supply is already in circulation, indicating substantial market exposure. Compared to prominent DeFi tokens like $UNI and $LDO, $PENDLE exhibits considerable growth potential, assuming favorable conditions within the protocol and the broader market.
An area of focus is the number of $PENDLE holders, which currently stands at approximately 9 thousand wallets, as per Etherscan data. While this figure is not uncommon for a nascent DeFi project, it contrasts with tokens like $LDO and $UNI, boasting 44,000 and 377,000 holders, respectively.
Concerns may arise regarding token concentration, particularly with the vePENDLE contract holding the largest share at 18.5% of the total supply. Despite this, several unmarked wallets also hold significant stacks of $PENDLE, with the three largest holding 8.5%, 7.4%, and 4.3% of the total supply.
Additionally, certain centralized exchanges like Binance and Cryptocom possess designated wallets with notable holdings of $PENDLE. However, the presence of significant holdings in unmarked wallets underscores the need for careful monitoring of token distribution and concentration within the ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: jemastock/123RF // Image Effects by Colorcinch
The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…
The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…
In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…
The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…
The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…
Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…