The DeFi protocol Pendle has recently drawn attention due to significant transactions involving large holders of its tokens. This may indicate increased interest and confidence in the project among investors.
Whale Transaction Surge in Pendle
According to data from the analytics platform Lookonchain, five newly created wallets collectively withdrew 2.66 million PENDLE tokens from Binance over the past five days, valued at approximately $7.9 million. This might suggest an increased interest from large investors in accumulating the token.
High DeFi Yields from Pendle
One of the attractive aspects of the protocol is the opportunity to earn high returns on investments in DeFi. Currently, the yield exceeds 12%, significantly higher than the market average of 5.8%.
PENDLE Token Price Analysis
The price of the PENDLE token holds at around $2.95, showing a slight gain. Maintaining the $2.60 EMA support level is crucial for sustaining positive momentum.
The sharp increase in transactions by large investors with Pendle tokens may indicate growing confidence and interest in the project among significant players. Maintaining key price levels may contribute to the token's further growth.
