2023-7-4 17:43 |
Pendle (PENDLE), the native token of Pendle Finance, plummeted on Monday after trading opened on the leading crypto exchange Binance.
PENDLE, which traded to highs of $1.28 after Binance announced it would be adding it in the Innovation Zone on July 3 at 10:00 (UTC), slumped after trading opened for the PENDLE/BTC, PENDLE/USDT and PENDLE/TUSD spot pairs.
At the time of writing, PENDLE was changing hands at $0.95, with its value down 6% in the past hour and earlier gains nearly wiped out.
Why is PENDLE price going down?Binance’s listing could offer more visibility for PENDLE and help buoy demand down the road. However, it appears the immediate outlook is one where PENDLE could face significant sell-off pressure.
Today’s downturn for instance comes after three whales moved millions of coins to Binance ahead of PENDLE opening for trading.
On-chain data tracking platform Lookonchain highlighted three whales have moved 5.6 million PENDLE to Binance ahead of the token going live in the Innovation Zone. The total value of the tokens was $6.5 million at the time.
Watch out for incoming selling pressure of $PENDLE!
3 whales have deposited a total of 5.6M $PENDLE ($6.5M) to #Binance in the past 2 hours and are likely to sell after the trading opens. pic.twitter.com/4KLzonTEtS
Pendle is a decentralised finance (DeFi) protocol for yield-trading, where yield-bearing assets are separated into their principal and yield components to allow users the opportunity to earn either fixed or flexible yields.
As highlighted here, the price of PENDLE had risen sharply in the aftermath of Ethereum’s Shapella. This has mainly been down to the growth in the liquid staking derivatives (LSDs) sector. Pendle’s offering of a platform where customers can hedge LSDs, through LSDfi, has been a big boost for bulls.
The token remains more than 120% up in the past month and over 2,180% higher in the past year.
The post Pendle (PENDLE) token dives after Binance listing: Here’s what happened appeared first on Invezz.
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