HashKey Capital Withdraws 583,000 PENDLE Tokens from Binance, Signaling Long-Term Confidence in the Project

HashKey Capital's address, hki.eth, recently withdrew 583,000 PENDLE tokens from Binance, amounting to a substantial $2.2 million.

A recent transaction reveals that HashKey Captial, a renowned cryptocurrency fund, has acquired a substantial amount of PENDLE tokens from Binance. According to on-chain data, hki.eth, an address linked to HashKey, withdrew 583,000 PENDLE tokens, valued at approximately $2.2 million at the time of the transfer.

This acquisition marks PENDLE as the top holding in the hki.eth address and the fourth-largest holding within HashKey Capital’s on-chain portfolio. The move highlights HashKey's interest in Pendle Finance and its native token, PENDLE.

HashKey's history with PENDLE spans several years. Between July 2021 and April 2022, the address received 2.71 million PENDLE tokens as part of a distribution from Pendle's歸屬地址 (project vesting wallet). By June 2022, all these tokens were credited back to the exchange.

Over the years, HashKey has made significant profits from trading PENDLE tokens. In total, the fund has earned around $9.96 million from its $PENDLE trades.

The remarkable aspect of Pendle Finance lies in its market characteristics. The project's fully diluted valuation (FDV) is almost equal to its market capitalization, indicating that venture capital firms have minimal control over the token. This level of decentralization has made $PENDLE a favorite among investors.

To put things in perspective, over the last year, $PENDLE has seen a massive 7x increase. The token has now entered an accumulation phase, presenting a prime opportunity for buying at a dip.

HashKey's recent withdrawal aligns with this strategy, indicating confidence in PENDLE's long-term potential and market stability.

The market will be watching closely as HashKey's moves and PENDLE's performance continue to influence the broader crypto market sentiment.

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