Pendle (PENDLE) Whale Alert: $3.8M Dumped on Binance

• Whale deposited 755,000 PENDLE, equivalent to $3.83 million to Binance for profit.
• The same whale withdrew 5.02 million PENDLE, worth $2.73 million on August 18, 2023.
• Arthur Hayes locked 1.65 million PENDLE worth $8.4 million until September 5, 2024.

Lookonchain, an on-chain analytics platform, has detected significant trades involving PENDLE, the native cryptocurrency of the Pendle protocol. The platform identified a whale who deposited 755,000 PENDLE, equivalent to $3.83 million, to Binance for profit-taking.

According to Lookonchain, the same whale withdrew 5.02 million PENDLE, worth $2.73 million, from Binance on August 18, 2023, when PENDLE traded at $0.54. After the recent transfer to Binance, the whale still holds 4.27 million PENDLE, equivalent to $2.17 million, with a total profit of $22.8 million, representing an 834% return.

Meanwhile, Lookonchain also spotted that BitMEX co-founder Arthur Hayes recently locked 1.65 million PENDLE, worth $8.4 million, until September 5, 2024. Hayes’ lock-up follows his unstaking of 1.55 million PENDLE, equivalent to $9.41 million, on June 6. Following the June 6 unlock, Hayes’ PENDLE holding dropped to $1.69 million, amounting to $10.26 million.

Arthur Hayes held a position in PENDLE with an average purchase price of $2.24 per token, according to Lookonchain. The on-chain analytics firm also revealed that Hayes had $6.46 million in unrealized profits on his PENDLE holdings at the time of the report

For the uninitiated, Pendle is a protocol that enables the tokenization and trading of future yield. It offers a more granular control over their yield by providing optionality and opportunities for utilization.

Pendle’s native token, PENDLE, traded for $5.15 at the time of writing, according to TradingView data. The altcoin reached an all-time high of $7.53 on April 11 before retracing amid a general crypto market pullback.