In the past five hours, Whale 0x41d made a profitable exit from PENDLE, selling 1.295 million tokens for 7.613 million USDT at an average rate of $5.878.
This strategic sale follows the whale’s initial investment of 1.595 million PENDLE, bought between July 29 and November 11, 2023, with just $1.2 million in USDT and USDC at an average price of $0.752 per token.
Following this sale, the whale retains 300,000 PENDLE, valued at around $1.75 million. With an estimated profit of $8.16 million, this transaction reflects a remarkable 680% return.
Notably, PENDLE’s price has surged by 42% in the last seven days, prompting large holders to sell. Over this period, four significant entities, including three wallets linked to the PENDLE team and the aforementioned whale, have collectively offloaded 3.92 million PENDLE, worth approximately $22 million, through both Binance and decentralized exchanges.
A whale with an $8.16M profit (6.8x return) sold 1.295M $PENDLE for $7.61M in the last 9 hours!
From July 29 to Nov 11, 2023, the whale bought 1.595M $PENDLE using only $1.2M at $0.752.
Now, the whale has 300K $PENDLE ($1.75M) left, with an est. total profit of $8.16M (+680%).… pic.twitter.com/1itY6S09Cu
— Spot On Chain (@spotonchain) November 12, 2024
The coordinated selling by major stakeholders amid a price rally has raised attention within the market, suggesting that high returns for early buyers may lead to increased short-term sell pressure.
This recent distribution of PENDLE by large holders could impact price stability as retail investors weigh their positions. However, the continued interest from whale and team-linked wallets underscores PENDLE’s appeal amid growing demand in the market.
With whales capturing substantial profits, the market may experience heightened volatility in the near term, as buyers and sellers adjust to the influx of liquidity from these sizable transactions. Market watchers will be interested to see whether this trend signals the end of PENDLE’s rally or simply represents profit-taking by early investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Image Source: solarseven/123RF // Image Effects by Colorcinch
