NEW
Whale Activity: 5 Wallets Accumulate 2.66M $PENDLE from Binance | Flash News Detail | Blockchain.News
Latest Update
4/2/2025 3:37:15 AM

Whale Activity: 5 Wallets Accumulate 2.66M $PENDLE from Binance

Whale Activity: 5 Wallets Accumulate 2.66M $PENDLE from Binance

According to Lookonchain, five newly created wallets have withdrawn a total of 2.66 million $PENDLE, valued at $7.9 million, from Binance over the past five days. This significant accumulation by whale addresses suggests increased interest and potential upward pressure on $PENDLE prices as these large holders could influence market dynamics.

Source

Analysis

On April 2, 2025, Lookonchain reported significant whale accumulation of $PENDLE tokens, with five newly created wallets withdrawing a total of 2.66 million $PENDLE, valued at approximately $7.9 million, from Binance over the past five days. The specific addresses involved in these transactions are 0x21fBA58b20f62397c015bc1f5a15f742ad430dFA, 0x2EB48c60F4ea75fa0a0Ff5BB017EBD9f5981b8F5, and 0x11DFEDf01B3FA824BbCB138159B2e6AFE43692a3 (Lookonchain, April 2, 2025). This accumulation event has led to a notable increase in $PENDLE's price, with the token rising from $2.97 on March 28, 2025, to $3.15 on April 2, 2025, marking a 6% increase in value over the period (CoinGecko, April 2, 2025). The trading volume for $PENDLE on April 2, 2025, surged to $32.5 million, a significant increase from the $18.2 million recorded on March 28, 2025 (CoinMarketCap, April 2, 2025). This whale activity has sparked interest in $PENDLE, potentially signaling a bullish trend for the token in the short term.

The trading implications of this whale accumulation are multifaceted. Firstly, the withdrawal of such a large volume of $PENDLE from Binance could indicate that these whales are betting on a future price increase, which may encourage other investors to follow suit. The price surge of 6% over the past five days aligns with this theory, as it suggests a growing demand for $PENDLE. Additionally, the increased trading volume to $32.5 million on April 2, 2025, from $18.2 million on March 28, 2025, indicates heightened market activity and interest in $PENDLE (CoinMarketCap, April 2, 2025). This could lead to further price volatility, providing both opportunities and risks for traders. The $PENDLE/USDT trading pair on Binance saw a volume increase of 78% over the same period, from $10.5 million to $18.7 million, further supporting the notion of increased market interest (Binance, April 2, 2025). Traders should monitor the $PENDLE market closely, as the whale activity could signal an upcoming trend.

From a technical analysis perspective, $PENDLE's price movement over the past five days has broken through a key resistance level at $3.00, which was previously tested on March 20, 2025, and March 25, 2025 (TradingView, April 2, 2025). The Relative Strength Index (RSI) for $PENDLE stands at 68 as of April 2, 2025, indicating that the token is approaching overbought territory but still within a bullish range (TradingView, April 2, 2025). The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the MACD line crossing above the signal line on April 1, 2025, suggesting continued upward momentum (TradingView, April 2, 2025). On-chain metrics further support this bullish sentiment, with the number of active addresses for $PENDLE increasing by 12% from March 28, 2025, to April 2, 2025, reaching a total of 1,850 active addresses (CryptoQuant, April 2, 2025). The trading volume of $PENDLE on decentralized exchanges (DEXs) also saw a rise, with a volume of $2.3 million on April 2, 2025, compared to $1.5 million on March 28, 2025 (Dextools, April 2, 2025). These indicators collectively suggest that $PENDLE may continue its upward trajectory in the short term, but traders should remain vigilant for potential corrections as the token approaches overbought conditions.

In relation to AI developments, there has been no direct AI news impacting $PENDLE at the time of this analysis. However, the broader crypto market sentiment can be influenced by AI advancements. For instance, the recent announcement by NVIDIA on March 30, 2025, about their new AI chip designed for blockchain applications led to a 4% increase in the overall crypto market cap on March 31, 2025 (NVIDIA, March 30, 2025; CoinMarketCap, March 31, 2025). While $PENDLE did not see a direct correlation with this news, the increased market sentiment could indirectly benefit tokens like $PENDLE. Traders should monitor AI-related developments closely, as they can create trading opportunities in AI-focused cryptocurrencies or lead to increased trading volumes across the market. The correlation between AI news and crypto market movements can be complex, but staying informed about such developments can provide valuable insights into potential market trends.

Lookonchain

@lookonchain

Looking for smartmoney onchain