As the cryptocurrency market grapples with volatility, attention has turned to Pendle following notable whale activity. Spot On Chain’s latest report highlights significant on-chain movements, with a dormant whale depositing a substantial amount of Pendle tokens on Binance.

Notably, this whale, holding millions worth of Pendle, has rekindled discussions about the token’s potential amid market uncertainty.

Whale Movements Indicates Bullish Signal For Pendle

The Spot On Chain report reveals two significant transactions involving Pendle tokens, indicating notable whale activity. Firstly, a dormant whale deposited 755K Pendle tokens to Binance, with an estimated value of $3.83 million.

However, despite this movement, the whale still retains a substantial amount of Pendle, suggesting confidence in the token’s future prospects. The report showed that the trader has still 4.27 million PENDLE, worth $21.7 million, left with him. Besides, his current holding of PENDLE is equivalent to an estimated profit of $22.8 million

Secondly, Arthur Hayes, co-founder of BitMEX, locked 1.65 million Pendle tokens, worth $8.4 million, until September 5, signaling a long-term commitment to the asset. These whale movements have sparked speculation among investors, with many interpreting them as potential buy signals.

The significant deposits and lock-ups by influential figures like Arthur Hayes indicate confidence in Pendle’s long-term value proposition. As the market absorbs this information, investors are weighing the implications of whale activity on Pendle’s price trajectory, with many considering it a bullish indicator amidst the current market downturn.