Pendle Multisig Wallet Moves $4.65M to Binance
Pendle multisig wallet deposits $4.65M to Binance after 28% price surge. $135M still held.
- $4.65M worth of PENDLE moved to Binance after a 28% price surge
- The wallet still holds over $135M in PENDLE
- Move could hint at potential profit-taking or market strategy
A multisig wallet tied to Pendle Finance recently transferred $4.65 million worth of PENDLE tokens to Binance. The move occurred around 45 minutes after the token experienced a sharp 28% price increase within 24 hours. This large deposit has raised speculation about possible profit-taking or upcoming market actions.
Despite the sizeable transaction, the wallet still holds approximately 26.19 million PENDLE tokens, valued at around $135.4 million. This suggests that while a portion has been offloaded, the majority of the holding remains untouched — a sign of ongoing confidence or a strategic hold.
What’s Behind the Transfer?
The timing of the transaction suggests a response to recent market performance. Pendle has seen increased interest due to its role in tokenizing yield-bearing assets, a growing trend in DeFi. The surge in price could have prompted this move as a way to secure profits or redistribute funds.
Multisig wallets are commonly used by organizations or DAOs to manage assets securely. Such a wallet linked to Pendle moving millions to an exchange like Binance could either be a planned liquidity action or a sign of anticipated volatility.
Spot On Chain, a blockchain tracking service, flagged this transaction and allows users to monitor it in real time. Tracking such wallet activity gives the crypto community insight into whale behavior and potential market shifts.
Why It Matters for PENDLE Holders
Movements by major wallets often influence market sentiment. A large deposit into an exchange like Binance can trigger fears of a sell-off, potentially affecting price. However, the fact that over $135 million remains in the wallet indicates the holder’s long-term interest in PENDLE.
For current and prospective investors, watching this wallet — and similar ones — can provide early signals of significant market movements. Whether this transaction marks a short-term profit-taking move or something more strategic remains to be seen.
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