Whales have recently shown increased activity in the altcoin market, particularly in a coin called PENDLE. As Bitcoin and other altcoins experienced a decline in value ahead of the FED decision, large investors and whales made significant on-chain movements in PENDLE.
Spot On Chain reported that a dormant PENDLE whale deposited 755 thousand PENDLE tokens, equivalent to $3.83 million, into Binance. Subsequently, the whale withdrew 5.02 million PENDLE, valued at $2.73 million at the time, from Binance on August 18, 2023, when the price was $0.54. This resulted in the whale holding 4.27 million PENDLE tokens worth $21.7 million, with an estimated total profit of $22.8 million, indicating an increase of 843%.
In addition to the large whale, former BitMEX CEO Arthur Hayes, a prominent investor in PENDLE, locked 1.65 million tokens worth $8.4 million until September 5. Hayes also has an unrealized profit of $4.31 million, representing a 113% increase in value.
Despite a 3.8% decrease in the last 24 hours, PENDLE is currently being traded at $5.13. These on-chain movements and investments highlight the growing interest and potential profitability in the altcoin market.
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