Pendle Crypto: +80% in 24 hours!
The cryptocurrency market has fallen into a downturn. Many investors have exited the market, fearing the red charts. Kazakhstan has thrown the mining industry into chaos. Blockchains like Ethereum are overburdened or under DDoS attack. Trading software no longer follows and sells at a loss. In short, the market is a disaster.
The PENDLE token of the Pendle Finance project is on the rise again, rising by more than 80% in the last 24 hours. However, the record high is still a long way off.
While there have been some serious downturns in the Pendle Finance ecosystem, the last few days have been terrific. Is it enough to get back to the all-time high of last May? Some answers in this post!
Pendle is the first protocol to support marking future profits on the AMM (Automated Market Maker) system. Pendle Finance is committed to providing asset owners with the opportunity to generate additional returns and lock them upstream.
The Pendle Finance ecosystem is also compatible with Aave and Compound. The future should provide answers through new financial protocols. Trading platforms Crypto.com, Harvest Finance, and even Spartan are Pendle Finance’s preferred partners. In April, just weeks before the token’s launch, the partners jointly participated in a $4 million funding round.
The Pendle Finance ecosystem revolves around the PENDLE token. This is an ERC-20 token that can be used on the Ethereum blockchain. The chart below shows the price of the token since its launch on the CoinGecko platform (28 April 2021):
On the graph, we can observe that the project starts high enough to quickly determine its ATH. The date is May 5, 2021, just before the cryptocurrency market crashed. PENDLE tokens are currently trading at $2.45. According to the global crypto market, the coin price will loosen in the coming days. In late July, a bottom was found near $0.30.
Token prices fluctuated greatly in the second half of August. On Aug. 24, the currency rose to a high of $1.30 before falling sharply in the following days. Over the course of a week, the coin lost roughly half of its value. Last October, the project was dangerously close to the critical $1 mark. The price of the coin during the transition to 2022, after which it corrected numerous times below $0.25. Compared to this price level, the coin’s price has roughly tripled at the time of writing. Trading at $0.65, it is up 77% in the past 24 hours. However, this is still a long way from the all-time high.
It is impossible to answer this question in general terms. On the other hand, strong gains are often accompanied by a period of correction. Right now, it's hard to say whether this increase will be temporary or if it will continue for days or even weeks. Regardless, it’s always a good idea to avoid investing when the coin’s price is surging and wait for the market to calm down.
In the long run, some prediction algorithms give Pendle Finance a lot of credit for the plan. Therefore, sites like TradingBeasts believe that by the end of 2022, the coin may reach $1.70 with a price range of $1.44 to $2.12. According to the analysis, on the same time frame, DigitalCoinPrice predicted a similar price to the US dollar. However, a quick return to ATH seems unlikely. TradingBeasts predicts a return to this level in 2023.