Pendle (PENDLE), the native token of the tokenization and future yield trading protocol Pendle Finance, has dropped 3% in the past 24 hours.

PENDLE’s price dip comes as a major whale deposits a huge chunk of the token on Binance likely for profit.

However, former BitMEX CEO Arthur Hayes has staked 1.65 million PENDLE until September.  

PENDLE price declines amid whale activity

According to CoinGecko data, PENDLE price hovered around 5.13 across top crypto exchanges, down 16% this past week.

The declines follow a broader market dip for cryptocurrencies after the Bitcoin price slipped below $68,000 on Tuesday.

Meanwhile, PENDLE price has struggled with sell-off pressure after last week’s major unstaking of the token by crypto whale and former BitMEX CEO Arthur Hayes.

On June 6, Lookonchain reported that Hayes had unstaked 1.55 million PENDLE worth over $9.41 million. The unstaking saw PENDLE price dip from around $6.30 to lows of $5.34.

On June 11, Lookonchain also shared on-chain data showing another major whale deposited millions worth of PENDLE to the Binance exchange. Specifically, the whale deposited 755,000 PENDLE tokens worth $3.83 million to the exchange.

This whale initially withdrew 5.02 million PENDLE from Binance on August 18, 2023. At the time, the tokens were worth $2.73 million, with each token priced at $0.54.

Hayes stakes 1.65 million PENDLE

While Arthur Hayes unstaked a huge chunk of tokens last week, he’s just locked 1.65 million PENDLE worth $8.4 million. The new locked tokens are until September 5, 2024. Is this bullish for the token?

Hayes has previously expressed an optimistic outlook for the rapidly expanding liquid staking derivatives finance (LSDfi) token.

The Pendle ecosystem’s total value locked (TVL) stands at over $6.52 billion, up 53% in the past 30 days. 

While PENDLE  is now trading at price levels last seen in early May, bulls can retake control if they hold above $5.00. On the flipside, a dip below $5.00 could strengthen bears.

The post PENDLE price outlook as whale deposits tokens on Binance appeared first on CoinJournal.

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