Lookonchain Reveals Major PENDLE Purchase by HashKey-Owned Wallet, Signaling Long-Term Optimism in Altcoin Bull Market Revival

Lookonchain revealed a major transaction by hki.eth, a HashKey-owned wallet, who bought $2.21 million for 583,074 PENDLE tokens.

Cryptocurrency analytics platform Lookonchain has detected a significant transaction involving hki.eth, a wallet owned by HashKey. According to the platform's analysis, the wallet purchased 583,074 PENDLE tokens, valued at approximately $2.21 million, at the time of the transaction.

This latest purchase marks another chapter in HashKey's history of acquiring PENDLE tokens at lower prices and selling them at higher prices to maximize profits. As highlighted by Lookonchain, HashKey's previous endeavors in this domain have yielded substantial gains, with an estimated total of $9.96 million earned from PENDLE-related transactions.

The transaction occurred on July 26, 2024, and the tokens were received by Binance, as indicated by the platform's analysis. This transaction follows an earlier batch of 624,804 PENDLE tokens that were received by Binance from HashKey at the end of May.

After Binance's last reception of PENDLE tokens from HashKey, the token's price experienced a decline. However, despite this setback, substantial whale activity, such as the recent purchase by hki.eth, continues to be observed. These activities may indicate sustained optimism among large-scale market participants regarding the potential resurgence of altcoin bull markets in the future.

In mid-July, PENDLE briefly topped CoinMarketCap's list of best performers among the top 100 cryptocurrencies, showcasing a 13% gain over 24 hours. At the time of writing, PENDLE is trading around $3.97, with a 1.04% increase over the last 24 hours. However, the token remains in the red over the past seven days.

Earlier this month, CNF reported on a 42% decline in the Total Value Locked (TVL) for Pendle DeFi, as restaking pools matured, leading to lower yields and shifts in ETH.

Despite these recent challenges, Pendle still ranks among the top ten DeFi protocols by TVL, currently sitting in ninth place.

On another note, HashKey Global recently announced support for USDT and TRC20, making it easier to deposit and withdraw these tokens on the platform. This step aligns with the platform's continuous efforts to expand its capabilities and support a diverse range of crypto assets.

While short-term bearish trends may persist, the involvement of major players like HashKey, who are known for their long-term market outlook, suggests a potentially brighter prospect for PENDLE and similar altcoins, contingent on future market conditions and developments.

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