Crypto Whales are now Accumulating This Solana Based Memecoin

Cryptocurrency markets are buzzing with activity, and at the forefront is Pendle (PENDLE), capturing the attention as Solana meme coins momentarily step back. Recent reports unveil a surge in investor confidence in Pendle, with whales actively accumulating the cryptocurrency amidst growing interest and price surges. Projections paint an optimistic picture, with Pendle poised to hit $8.01 by April 2024, with a hefty 30.37% price uptick anticipated in the next five days.

Let’s see the potential of this latest sensation. 

Whales Dive into Pendle Tokens

Analyzing on-chain data reveals significant movements by whales with PENDLE tokens on platforms like Binance. Large holders have been making substantial withdrawals and deposits of PENDLE, signaling a positive outlook on the cryptocurrency’s future. Wallet addresses such as 0xe675 and 0xAa4c have recently withdrawn millions of dollars’ worth of PENDLE tokens from Binance, highlighting a growing interest among major investors.

The Pendle Surge: What’s Driving It?

Pendle’s remarkable price surge can be attributed to various factors, notably its exponential growth in total value locked (TVL). Since the beginning of the year, Pendle’s TVL has skyrocketed from $240 million to approximately $4 billion by April, according to DefiLlama data. The cryptocurrency’s rising popularity and investment appeal have attracted attention from both institutional players and retail investors, particularly those exploring opportunities beyond Solana meme coins.

What distinguishes Pendle is its unique protocol for tokenizing future yield, positioning it as a standout player in the decentralized finance (DeFi) landscape. With whales actively accumulating PENDLE tokens and a positive sentiment surrounding the cryptocurrency, Pendle appears primed for significant growth.

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Tracking the Growth Curve

Despite recent gains, Pendle remains relatively affordable, currently trading at $6.78. However, its trajectory is impressive, boasting a robust 25% surge over the past week and a remarkable monthly growth rate exceeding 100%, reflecting investors’ growing confidence in this emerging cryptocurrency.

Over the past month alone, Pendle has seen a staggering 94.86% surge, while its medium-term trend shows a positive trajectory with a 374.82% increase in the last three months. With an astounding 1,107.74% one-year price change, Pendle’s long-term prospects appear promising. Just a year ago, PENDLE traded at a mere $0.502451.

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As Pendle continues to carve its path in the crypto world, its ability to attract significant investment and maintain momentum will undoubtedly be closely monitored within the crypto community.