In the early hours of the day, Binance stated it would be listing PENDLE in its Innovation Zone and that the token would be viable for spot trading starting from 10:00 (UTC).
On Binance, the Innovation Zone represents a customized trading zone for new, “innovative” tokens with higher price volatility and risk than other tokens.
Launched in June 2022, Pendle Finance is a permissionless DeFi protocol designed to grant investors access to future yield on an asset using an automated market maker system (AMM).
PENDLE Whales Respond To Binance Listing
In reaction to Binance’s announcement, some PENDLE whales began moving huge amounts of PENDLE to the trading platform ahead of the token’s listing.
On-chain data analytics firm Lookonchain reported that 3 whales deposited the combined amount of 5.6 million PENDLE – valued at $6.5 million – barely over two hours following the announcement.
The blockchain analytics platform noted that popular digital asset financial service firm Hashkey had deposited 2.4 million PENDLE, valued at $2.8 million, on Binance after the listing announcement.
Meanwhile, two whales with the wallet address “0x5542” and “0xa9E9” also deposited 2.19 million PENDLE – valued at $2.54 million, and 1 million PENDLE, valued at $1.16 million – respectively.
Lookonchain stated that these transaction movements indicated a potential selling pressure as these whales could likely sell their tokens on the opening of the trading hours.
That said, in reaction to the recent exchange listing, PENDLE’s price movement has also drawn much attention from the market.
PENDLE Experiences Mixed Price Action After Listing
Shortly after Binance announced its intentions to list PENDLE, the token’s market price began pumping over 37% to hit a market price of $1.4045, according to data from CoinMarketCap.
However, since attaining that price zone, the DeFi coin has been on a downward trend losing over 39% of its market value in the last 12 hours.
According to the price prediction site, crypto/pendle/price-prediction/” target=”_blank” rel=”noopener nofollow”>Coincodex, the current sentiment surrounding PENDLE is neutral. However, Coincodex backs the token to make a recovery and gain by 28.62% to trade at $1.2099 in the next five days.
That said, it is worth stating that predictions are not guaranteed and should not be considered financial advice.
PENDLE is exchanging hands at $0.8734 at the time of writing, reporting a 9% loss on the last day. However, the token’s daily trading volume shows high market activity, having increased by 2227.39% to attain its current value of $64 million.
PENDLE Trading At $0.8668 On The 1-Hour Chart | Source: PENDLEUSD Chart on Tradingview.com
Feature Image: NOAA Fisheries, chart from Tradingview.