What will be the next step for whales who have made more than 10x profit on Pendle?
What's next for whales with over 10x profit on Pendle?
Cryptocurrency analyst Finish has caught the next move of smart money through Dune data dashboard.
Written by: Finish
Smart money made over 1000% profit through Pendle, and cryptocurrency analyst Finish has caught the next move of these smart money through Dune data dashboard.
Last week, I spent a lot of time studying whale actions using various Dune panels and other tools. As I further investigated different wallets, I found some very interesting whales who had made huge profits. How is this possible in the recent market crash?
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Through the dashboard, I found a whale who had made a decent profit recently through $PENDLE.
He is no longer a hodler, he has converted all of his $PENDLE into some decent profit, but what he did after that, or when he will buy back $PENDLE, is what I am looking for.
The whale hasn’t done too much since then, except for staking some $ETH in Lido and sending some $cbETH he got from Binance to Coinbase, which is definitely an interesting move. In addition, he deposited the remaining ETH into Aave, but so far he hasn’t borrowed anything.
So, let’s find the next smart money. I used Bubblemaps to find the second whale. It seems to be a group of whales holding over 1% of the entire $PENDLE supply.
This group is very interesting because they haven’t done too many transactions, but are followed by many wallets on DeBank. The wallets I found were buying $PENDLE in 2022 when no one was talking about it yet.
This whale is a true early holder and still holds part of his position (892,000 $PENDLE, 64,000 LPs on SushiSwap). The whale hasn’t done much trading, but transferred some $PENDLE to his Arbitrum friend, making this wallet one of the largest $PENDLE holders on Arbitrum.
Let’s see what this wallet is up to.
The wallet holds many altcoins, as well as some $USDC. The largest positions are:
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$PENDLE;
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$ARB;
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$VELO;
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$KWENTA.
Additionally, it looks like they’re a big fan of Level Finance.
Now let’s move on to the next friend of this whale. This wallet received an amazing 1.25 million $PENDLE from the whale, so let’s explore what this wallet is up to.
This whale has locked up $400,000 worth of $PENDLE as $vePENDLE. Another portion is being sold each week on Arbitrum, so the whale is earning some fixed profits.
This whale is also a big fan of Chronos and holds a ton of LP tokens, but doesn’t have much $CHR itself (about $250). The rewards from the LP tokens are higher than their $CHR holdings.
This whale has also invested heavily in SolidLizard. It’s not a popular DEX, but definitely worth looking into.
In conclusion, most of the $PENDLE held by the whale has not been sold, with some even being locked up to increase their LPs APY. Other interesting projects worth noting include Level, Chronos, and SolidLizard, all of which are Ve(3,3) model DEXs. Additionally, I found some projects that have invested in $Pendle and are worth watching.
0xAcid has deposited 300 $ETH into the Pendle pool, and they hold different LSDs worth over $9 million.
Kleros has been using Pendle Pools for deposits and has deposited over 1.6 million LSD.
Conclusion
The most important takeaway for me is that almost all whales are holding strong, and more and more projects are joining the Pendle ecosystem, which makes me more bullish on it in the coming years.
