PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be stable at press time. However, if you look at CoinMarketCap data, the token is up 130X from its November 2022 low and 41% from the all-time high registered in 2024.
Whales Send Tokens to Binance
As prices drop, there are concerns that arise. According to the trackers, the Pendle Foundation, tasked with promoting the RWA platform, issued the tokens. At the same time, Arthur Hayes, the founder of BitMEX, one of the first cryptocurrency trading platforms, is selling.
Specifically, in the last three weeks, most of PENDLE’s transfer has been moved to Binance, the world’s largest crypto exchange, with negative sentiment.
On September 16, the foundation’s governance fund transferred 600,000 PENDLE worth more than $2.4 million to Binance. Last year, the fund transferred 3.72 million PENDLE worth more than $11.95 million to Binance.
Meanwhile, Spot on Chain also picked up a transfer from Hayes. On September 24, the founder of BitMEX deposited 240,000 PENDLE worth more than $958,000 on Binance. In the past four days, Hayes has moved more than 6.5 million tokens to Binance.
Hayes is one of the PENDLE whales. Although there is no direct evidence that the former manager of BitMEX has sold, moving tokens to Binance could indicate his intention to sell.
Currently, Hayes owns over 253,00 PENDLE shares worth approximately $990,000. This holding represents about 4% of his entire crypto portfolio.
UP 100% From August Lows, Are Whales HODLing?
Despite the transfer of the exchange, the token continues to shake the weakness of Q3 2024. Buyers returned to the figure after sinking to below $1.7 in early August.
At press time, the token is up 100% from August lows, and buyers are poised to recapture the April 2024 high of around $7.2. For the rally to continue, buyers must hold firmly above $3.5, or the August high, and maintain current momentum.
Looking at the daily chart, the bull bars are aligned with the high BB—a volatility indicator—suggesting that the underlying momentum is strong.
If buyers build on this, PENDLE could register an all-time high, encouraging more whales to HODL. Currently, CoinMarketCap data shows that more than 58% of all circulating tokens are owned by whales.