Today, the value of Pendle experienced a slight setback, with a 5% decrease bringing its current trading price to $5.4.

Despite this dip, recent on-chain data from Lookonchain has unveiled an intriguing development involving a savvy trader’s strategic deposit into Binance.

According to Lookonchain, this astute trader made a significant deposit of 1.2 million Pendle tokens, valued at $6.74 million, into Binance just hours ago.

However, what sets this transaction apart is the trader’s calculated approach, leaving behind 2.23 million Pendle tokens, equivalent to $12.3 million.

A smart trader deposited 1.2M $PENDLE($6.74M) into #Binance 3 hours ago, with 2.23M $PENDLE($12.3M) left.

He spent 869,757 $USDC to buy 3.21M $PENDLE at $0.27 from Feb 9 to Apr 22, 2023, then withdrew 111,055 $PENDLE($226K) at $0.49 from #Gateio on Apr 27.

His total profit on… pic.twitter.com/yAtQnFEh4p

— Lookonchain (@lookonchain) April 26, 2024

Delving deeper into the trader’s history, it’s revealed that they initiated a series of strategic moves involving Pendle. From February 9 to April 22, 2023, the trader spent 869,757 USDC to acquire 3.21 million Pendle tokens at an average price of $0.27. Notably, on April 27, the trader withdrew 111,055 Pendle tokens, valued at $226,000, from Gateio at a price of $0.49.

The cumulative outcome of these transactions has been highly profitable for the trader, with a total profit on Pendle reaching approximately $18 million. Remarkably, this translates to an impressive return on investment (ROI) of 1841%, showcasing the trader’s keen acumen and strategic prowess in navigating the cryptocurrency market.

While Pendle’s minor decline may raise eyebrows among investors, the actions of this smart trader provide a glimpse into the potential opportunities that exist within the cryptocurrency landscape. As traders continue to monitor Pendle’s performance, strategic maneuvers such as these serve as a testament to the dynamic nature of the market and the potential for astute investors to capitalize on emerging trends and opportunities.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: musgraphicalabri/123RF // Image Effects by Colorcinch

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