Pendle

Cryptocurrency

Momentum

The cryptocurrency market today honed in on a single cryptocurrency following a surprise listing. Pendle (PENDLE), listed by <a href="https://en.coin-turk.com/why-are-bitcoin-and-altcoins-down-binance-ceo-changpeng-zhao-may-be-behind-the-down/" data-wpel-link="internal">Binance</a>, the world’s largest cryptocurrency exchange by trading volume, caught significant momentum with this listing. However, it appears Binance wasn’t the only reason, and the rally could continue.&nbsp; 
<h2 style="text-align: justify" id="pendle-in-the-spotlight-with-its-surge">PENDLE, In the Spotlight with its Surge</h2> 
Pendle Finance, an Automatic Market Maker (AMM) focused project, seems poised to become the golden child of the <a href="https://en.coin-turk.com/decentralized-finance-defi-unleashing-the-future-of-transparent-financial-system/" data-wpel-link="internal">DeFi</a> world. PENDLE, which had a surge of 50% and above today, had been signaling this rally for a long time.&nbsp; 
The growth of PENDLE has been accelerating since the beginning of the year. Starting at $0.046, PENDLE has now risen to $0.76, achieving a 1,552% rise. However, this increase cannot solely be attributed to the Binance listing. The reasons behind PENDLE’s impressive performance can also be seen when looking at on-chain data.&nbsp; 
<img decoding="async" class="aligncenter wp-image-87803 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/07/pandle.png" alt="" width="1080" height="1056" srcset="https://en.coin-turk.com/wp-content/uploads/2023/07/pandle.png 1080w, https://en.coin-turk.com/wp-content/uploads/2023/07/pandle-174x170.png 174w, https://en.coin-turk.com/wp-content/uploads/2023/07/pandle-768x751.png 768w" sizes="(max-width: 1080px) 100vw, 1080px"> 
<h2 style="text-align: justify" id="whales-are-competing-for-pendle">Whales are Competing for PENDLE</h2> 
Looking at PENDLE’s on-chain data, it can be seen that the whale owning the wallet starting with “oxc54a” bought 3.44 million PENDLE from many sources, both <a href="https://en.coin-turk.com/how-to-use-dex-exchange/" data-wpel-link="internal">DEX</a> and CEX. This purchase dates back to February 9th, and the whale’s average purchase price is around $0.28. This means a short-term gain of $1.58 million, or 162%.&nbsp; 
It is clearly visible from the on-chain data that whales have been purchasing PENDLE for a long time. The purchases by the aforementioned whale are one of the biggest proofs of PENDLE’s promising future. The protocol’s long-term growth is likely to be proportional to the initial purchases of the whales. Some people, “in the know” in DeFi-focused products, give important signals about the future with their previous purchases. Of course, factors like the project’s goals, roadmap, and team also play a significant role. The project’s automatic market maker function supporting multiple assets and giving users control over potential returns is a major advantage. This can be highlighted as a feature of PENDLE that will cause the listing directly, apart from the listing. The future for PENDLE may be even brighter with the Binance listing.&nbsp; 
The post <a rel="nofollow" href="https://en.coin-turk.com/surprise-listing-on-binance-drives-attention-and-momentum-to-pendle-cryptocurrency/" data-wpel-link="internal">Surprise Listing on Binance Drives Attention and Momentum to Pendle Cryptocurrency</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Surprise Listing on Binance Drives Attention and Momentum to Pendle Cryptocurrency

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