PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be stable so far. However, looking at CoinMarketCap datathe token is up 130x from its November 2022 lows and 41% from its all-time highs recorded in 2024.
Whales sending tokens to Binance
As prices cool, concerns arise. According to trackers, the Pendle Foundation, tasked with promoting the RWA platform, was unloading chips. At the same time, Arthur Hayes, co-founder of BitMEX, one of the first perpetual crypto trading platforms, is selling.
Specifically, over the past three weeks, a large portion of PENDLE transfers have moved to Binance, the world’s largest cryptocurrency exchange, a net negative for sentiment.
On September 16, the foundation’s governance portfolio transferred 600,000 PENDLE worth over $2.4 million to Binance. Last year, the wallet moved 3.72 million PENDLE worth over $11.95 million to Binance.
About that, Point in the chain also picked transfers from Hayes. On September 24, the BitMEX co-founder deposited 240,000 PENDLE worth over $958,000 on Binance. Over the past four days, Hayes has transferred more than $6.5 million worth of tokens to Binance.
Hayes is one of the PENDLE whales. Although there is no direct proof that the first BitMEX executive has been selling, transferring tokens to Binance could signal his intention to sell.
Currently, Hayes owns over 253,00 PENDLE worth almost $990,000. This holding represents around 4% of its overall crypto portfolio.
PENDLE Soars 100% From August Lows, Will Whales HODL?
Despite currency transfers, the token continues to shake off Q3 2024 weaknesses. Buyers are back in the equation after falling to $1.7 in early August.
To date, the token is up 100% from its August lows, and buyers are keen to reclaim its April 2024 highs around $7.2. For the uptrend to continue, buyers must hold steady above $3.5, or the August highs, and sustain the current bullish momentum.
Looking at the daily chart, bullish bars are forming along the top of the BB – an indicator of volatility – suggesting that the underlying momentum is strong.
If buyers take advantage of this, PENDLE could record new all-time highs, encouraging more whales to HODL. Currently, CoinMarketCap data show that more than 58% of all tokens in circulation are held by whales.