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On November 8, a significant transaction transpired when the Pendle team moved 625,000 PENDLE coins, equating to around $3.37 million, to Binance. This transfer was notably timed with the unlocking of coins that had been allocated to the team from April 2022 through April 2023.
What is the Coin Unlocking Process?
The Pendle team is permitted to unlock their coins according to a set vesting schedule. This process commenced in April 2022 and is set to wrap up in April 2023, allowing for a phased release of the PENDLE coins in line with the specified unlocking guidelines.
Could This Transfer Affect Market Stability?
Market players have expressed anxiety regarding the significant transfer of 625,000 PENDLE coins to Binance, as such movements are often linked to price instability in the cryptocurrency sector. Although experts fear this transfer may provoke price fluctuations, the Pendle team reassures stakeholders that the unlocking is essential for the platform’s ongoing viability, easing some apprehensions.
- The transfer aligns with the team’s planned coin unlocking schedule.
- Market participants closely monitor large coin transfers due to their potential to impact prices.
- Currently, PENDLE’s price has increased by 4.58%, but trading volume has declined over 5%.
The price movements and trading dynamics indicate that while the market responds to significant transfers, the long-term effects of the unlocking strategy may play a critical role in sustaining Pendle’s market presence.