Recently, on-chain data revealed interesting movements by the team behind two altcoin projects. According to the data, the team behind PENDLE and STORJ transferred a large amount of coins to the crypto exchange Binance. Since transferring a coin to the exchange creates concerns about sales, investors have their eyes on these two coins. Here are the details…
Those behind altcoin PENDLE transferred the $660 thousand coin
Pendle Finance’s developer ecosystem fund has surprisingly launched a major move by transferring 1 million PENDLE tokens, worth approximately $660,000, to leading cryptocurrency exchange Binance. This move, believed to be for selling purposes, had an immediate impact on the price of the PENDLE token. Because it caused the altcoin price to fall by more than 2%. As of the last update, PENDLE is trading at $0.64.
• 昨天，Pendle Finance: Ecosystem Fund(生态基金) 地址从时间锁合约解锁接收 2300 万 $PENDLE($15.24M)；
• 1 小时前，Pendle Finance: Ecosystem Fund(生态基金) 地址将 100 万 PENDLE($0.66M) 转入币安。https://t.co/MTlzN2Hqu4
推文由 @Bitget_zh 赞助 pic.twitter.com/6q3pFSsBjQ
— 余烬 (@EmberCN) October 9, 2023
The ecosystem fund had recently received a significant infusion of 23 million PENDLE tokens, equivalent to approximately $15 million, thanks to a time-based contract locking system. This influx of tokens marked a significant increase in the fund’s assets and attracted a lot of attention in the crypto community. Pendle Finance, the driving force behind the PENDLE token, operates as a decentralized finance (DeFi) platform. An interesting aspect of this development lies in the analysis of altcoins on the Pendle platform. In addition to PENDLE, there is WSTETH worth $46.57 million in the fund wallet. There are also RETH with $7.37 million and WBETH, SFRXETH with $6 million.
The moves of the Storj team also attracted attention
On the other hand, the Storj network, a decentralized cloud storage platform, was also on the agenda. The project made headlines today with a series of notable transactions involving its native STORJ token. According to LookOnChain and SpotOnChain tracking data, the Storj team’s wallet address has been activated. It is actively moving a significant amount of STORJ to BTC and altcoin exchange Binance. On October 10, “Storj Team Wallet” received 7 million STORJ from “Storj: MultiSig”, worth approximately $3.43 million. This transaction follows a series of transfers totaling 10.8 million STORJ (approximately $5.3 million) from the Storj wallet to Binance last month.
Note that Storj Team Wallet received 7M $STORJ ($3.43M) from the Storj: MultiSig wallet again.
Storj Team Wallet has deposited 10.8M $STORJ ($5.3M) to #Binance in the past month, while the price of $STORJ has increased ~70% in the past month.https://t.co/trIDjhXmBd pic.twitter.com/jFEK412akS
— Lookonchain (@lookonchain) October 10, 2023
Remarkably, during the same period, STORJ’s price increased by an impressive nearly 70%. SpotOnChain also said that the Storj team is continuing altcoin transfers. In fact, data reveals that a total of 1.5 million STORJ tokens, equivalent to approximately $764,000, were sent to Binance just 9 hours and 2 hours before this report was compiled. Even after these transfers, there are still 875,996 STORJ in the Storj team wallet address starting with “0x6e6”. STORJ price, like PENDLE, also decreased after the Binance transfer. It is currently trading at a 12 percent loss.
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