HashKey Capital deposited 624,804 PENDLE tokens valued at $4.28 million to Binance. As of now, the PENDLE token price has dropped by approximately 7% and is currently trading at $6.37. In the past 24 hours, both the market cap and the trading volume of Pendle have decreased by around 8% and 11%, respectively.
HashKey Capital offers a range of services and products, including a custody solution, regulated exchange, brokerage, venture capital, asset management, and node validation services.
PENDLE price prediction
The price of PENDLE may depend on whether HashKey buys back PENDLE. This is the third time that HashKey has traded PENDLE, according to a statement by Spot On Chain, a blockchain analytics platform. The company reportedly made a profit of $7.21 million from this trade and a total of $9.94 million from the last two trades. If they buy at the next low, the price can be expected to rise.
There is a good chance of this happening as HashKey has a history of buying PENDLE at low prices and selling at high prices. Spot on Chain provides a summary of their trades, which occurred in three cycles.
In the first cycle, HashKey invested 2.714 million PENDLE when one token was trading for $0.4. This investment was made gradually from July 2021 to April 2022. HashKey deposited the tokens to MEXC at $0.05 in June 2022.
In the second trade, HashKey withdrew 2.4 million PENDLE at $0.04 from the Gate exchange in November and deposited the tokens in a Binance account. This happened when one PENDLE was trading for $1.15 in July 2023.
The final trade saw HashKey withdrawing 1.825 million PENDLE from Binance at an average of $1.5 between July 2023 and April 2024 and depositing them to Binance at $5.455 during two significant price increases in February 2024 and on May 28.
About the Pendle protocol
Pendle specializes in the tokenization and trading of future yield, allowing users to decouple the future yield from the ownership of the underlying asset. This facilitates the development of novel financial instruments that users can exchange.
The core of Pendle’s platform is its Automated Market Maker (AMM), which is tailored to accommodate tokens experiencing time decay. This is essential as it addresses challenges associated with valuing fluctuating future yields.
