, the native token of decentralized finance protocol Pendle Finance, has emerged as a hot commodity on account of an astronomical surge in value over the last few weeks.The altcoin appreciated by nearly 5o% over the week, and a whopping 108% in a month’s time, according to. Since the year began, PENDLE has jumped by more than 5x in value, boasting of a $1 billion-plus market capitalization at press time.
The uptrend led to a sharp uptick in the profitability of coin holders. In fact, according to AMBCrypto’s analysis of Santiment’s data, about 99.73% of PENDLE’s total supply was in profit at press time. Moreover, an average PENDLE holder can realize a 50% return on their investments, as seen by the 30-day MVRV Ratio.The investor transferred 200k tokens, worth $1.25 million at press time, on Thursday. Just four days prior to this transaction, they deposited 162k tokens, worth $919k. Both the transfers were made when PENDLE hit its peak.
Interestingly, they bought these tokens in 2022-23, when PENDLE’s price was $0.147. The whale still has 200k of PENDLE left in their wallet, suggesting expectations of further price gains.PENDLE is the governance token of Pendle Finance, a unique platform that allows users to trade and price tokenized yield assets. The rally can be linked to a surge in deposits on the platform, which was nearing $4 billion at press time.