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- HashKey’s strategic PENDLE transactions highlight long-term market confidence and trading expertise.
- PENDLE remains a top DeFi protocol despite recent TVL challenges.
Lookonchain revealed a major transaction by hki.eth, a HashKey-owned wallet, who bought $2.21 million for 583,074 PENDLE tokens. HashKey has shown a sharp ability to acquire PENDLE at cheap prices and sell it at high prices, previously earning around $9.96 million from PENDLE deals.
Binance received all 624,804 PENDLE tokens from HashKey at the end of May. Since then, the token’s price has fallen, but there has been significant whale activity, signaling long-term optimism in the probable revival of altcoin bull markets.
hki.eth(#HashKey) bought 583,074 $PENDLE($2.21M) again 20 minutes ago!#HashKey is very good at buying $PENDLE at low prices and selling at highs, making a total profit of ~$9.96M on $PENDLE before!https://t.co/sZ2cKsPmUC pic.twitter.com/56wY5UtQoF
— Lookonchain (@lookonchain) July 26, 2024
PENDLE’s Mid-July Surge on CoinMarketCap and Current Market Position
In mid-July, PENDLE temporarily led CoinMarketCap’s list of top gainers, outperforming 100 other major cryptocurrencies with a 13% increase. Despite this, as of this writing, PENDLE is trading around $3.97, up 1.04% over the last 24 hours but remaining bearish over the prior seven days.
Earlier this month, CNF reported a 42% drop in the Total Value Locked (TVL) for Pendle DeFi as restaking pools matured, resulting in reduced yields and ETH shifts. Despite these recent issues, Pendle remains among the top ten DeFi protocols, according to TVL, ranking ninth.
On another front, as we previously noted, HashKey Global has announced support for USDT and TRC20, making it easier to deposit and withdraw these tokens. This step indicates their continuous commitment to increasing the platform’s capabilities and supporting a wide range of crypto assets.
While short-term unfavorable tendencies persist, big players with long-term confidence, such as HashKey, suggest a possibly bright outlook for PENDLE and comparable altcoins, depending on future market conditions and developments.