{"id":9802,"date":"2024-09-27T01:30:04","date_gmt":"2024-09-27T01:30:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9802"},"modified":"2024-09-27T01:30:04","modified_gmt":"2024-09-27T01:30:04","slug":"pendle-foundation-bitmex-co-founder-moving-pendle-to-binance-whats-going-on","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9802","title":{"rendered":"Pendle Foundation, BitMEX Co-Founder Moving PENDLE To Binance\u2014What\u2019s Going On?"},"content":{"rendered":"

PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be steady at press time. However, looking at CoinMarketCap data<\/a>, the token is up 130X from its November 2022 lows and 41% from all-time highs registered in 2024.<\/p>\n

Whales Sending Tokens To Binance<\/h2>\n

As prices cool off, there are emerging concerns. According to trackers, the Pendle Foundation, tasked with promoting the RWA platform, has been offloading<\/a> tokens. At the same time, Arthur Hayes, the co-founder of BitMEX, one of the first crypto perpetual trading platforms, is selling.<\/p>\n

Specifically, over the last three weeks, a big chunk of PENDLE transfers have been moved to Binance, the world\u2019s largest crypto exchange, a net negative for sentiment.\u00a0\u00a0<\/p>\n

On September 16, the foundation\u2019s governance wallet moved 600,000 PENDLE worth 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.<\/p>\n

Meanwhile, Spot on Chain<\/a> has also picked out transfers from Hayes. On September 24, the BitMEX co-founder deposited 240,000 PENDLE worth over $958,000 to Binance. Over the last four days, Hayes has moved more than $6.5 million of the token to Binance.\u00a0\u00a0<\/p>\n

Hayes is one of the PENDLE whales. Although there is no direct proof that the former BitMEX<\/a> executive has been selling, moving tokens to Binance could signal his intention to sell. <\/p>\n

Currently, Hayes owns over 253,00 PENDLE worth nearly $990,000. This holding represents around 4% of his overall crypto portfolio.<\/p>\n

PENDLE Up 100% From August Lows, Will Whales HODL?<\/h2>\n

\u00a0<\/p>\n

Despite the exchange transfers, the token continues to shake off Q3 2024 weaknesses. Buyers are back in the equation after sinking to as low as $1.7 in early August.<\/p>\n

At press time, the token is up 100% from August lows, and buyers are bent on reclaiming the April 2024 highs at around $7.2. For the uptrend to remain, buyers must hold steady above $3.5, or August highs, and sustain the current upside momentum.<\/p>\n

<\/a><\/p>\n

Looking at the daily chart, bull bars are banding along the upper BB\u2013a volatility indicator\u2013suggesting that the underlying momentum is strong. <\/p>\n

If buyers build on this, PENDLE could register fresh all-time highs, incentivizing more whales to HODL. Currently, CoinMarketCap data shows<\/a> that over 58% of all tokens in circulation is held by whales.<\/p>","protected":false},"excerpt":{"rendered":"

PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be steady at press time. However, looking at CoinMarketCap data, the token is up 130X from its November 2022 lows and 41% from all-time highs registered in 2024. Whales Sending Tokens To Binance As prices cool off, there are emerging concerns. According […]<\/p>\n","protected":false},"author":0,"featured_media":9803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9802"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9802"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9803"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}