PENDLE, the native token of Pendle, a platform for tokenizing real-world assets (RWA), has recently seen steady performance. However, it is worth noting that the token has experienced significant growth, with a 130X increase from its November 2022 lows and a 41% increase from its all-time highs in 2024.
There have been some concerns in the market as the Pendle Foundation, responsible for promoting the RWA platform, has been observed offloading tokens. Additionally, Arthur Hayes, the co-founder of BitMEX, a prominent crypto perpetual trading platform, has also been selling PENDLE.
Recent data shows that a substantial amount of PENDLE transfers have been moved to Binance, the world’s largest cryptocurrency exchange. The movement of tokens to Binance has created a negative sentiment in the market. As an example, on September 16, the foundation’s governance wallet transferred 600,000 PENDLE, equivalent to over $2.4 million, to Binance. Over the past year, the wallet has moved 3.72 million PENDLE, worth over $11.95 million, to Binance.
Furthermore, there have been transfers of PENDLE from Arthur Hayes to Binance, as reported by Spot on Chain. On September 24, Hayes deposited 240,000 PENDLE, worth over $958,000, to Binance. In the last four days alone, Hayes has moved over $6.5 million worth of PENDLE to Binance. Although there is no direct evidence that Hayes has been selling, the movement of tokens to the exchange suggests his potential intention to sell. Hayes currently holds over 253,000 PENDLE, valued at nearly $990,000, which represents about 4% of his crypto portfolio.
Despite these transfers, PENDLE has been able to recover from weaknesses in Q3 2024. The token has seen a 100% increase from its August lows, and buyers are aiming to reclaim the April 2024 highs around $7.2. To sustain the current uptrend, buyers must maintain a price above $3.5, which represents the August highs, and continue the upward momentum.
Analyzing the daily chart, it is evident that bull bars are forming along the upper Bollinger Bands, indicating strong underlying momentum. If buyers continue to build on this momentum, PENDLE could potentially reach new all-time highs, which could incentivize more whales to hold onto their tokens. Currently, data from CoinMarketCap reveals that whales hold over 58% of all PENDLE tokens in circulation.
Overall, despite the transfer of tokens and the selling activity by the Pendle Foundation and Arthur Hayes, PENDLE remains resilient, and its performance in the market will largely depend on the actions of buyers and the overall market sentiment.