PENDLE Soars 22.6% on $4.65M Multisig Transfer and Yield-Loop Demand Surge

PENDLE, the governance token of the Pendle Protocol, surged 22.6% over the past 24 hours, far outpacing the broader crypto market, which climbed just 2.58% during the same period. This sharp rise was driven by a $4.65 million transfer of PENDLE tokens from a multisig wallet to Binance, reported by Spotonchain. The wallet still holds over $135 million in PENDLE, signaling potential liquidity or partnership activity rather than a sell-off, which boosted market sentiment and triggered buying pressure [1].

The token’s performance is closely tied to the growing popularity of yield-loop strategies, particularly involving Ethena’s USDe stablecoin. USDe now accounts for approximately 60% of Pendle’s $5.2 billion total value locked. Traders are capitalizing on the 5% fee on Principal Tokens, which directly increases demand for PENDLE. These high-yield strategies, often described as “infinite loops,” are positioning PENDLE as a central player in the current market cycle [1].

Technically, PENDLE is trading near $5.19, approaching the $5.20–$5.50 resistance zone. A sustained breakout above this level could open the door to higher price targets, while a pullback may test support levels previously seen between $2.20 and $2.50. Historical data shows the token has shown resilience, bouncing from $1.00 levels before, which reinforces the bullish narrative. However, traders are cautious due to the volatile swings visible on the weekly chart, where sharp corrections often follow significant gains [1].

The buying frenzy reflects a broader market shift toward protocols offering structured yield strategies. Pendle’s role in facilitating these mechanisms has made it a focal point for traders seeking high returns. With a large token balance still in a multisig wallet and strong on-chain activity, the asset appears to be gaining traction as both a speculative and strategic investment [1].

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[1] Pendle Rockets 22% as Yield-Loop Craze Fuels Buying Frenzy https://cryptofrontnews.com/pendle-rockets-22-as-yield-loop-craze-fuels-buying-frenzy/