$PENDLE Sees Impressive Weekly Gains, Surging Over 19%

$PENDLE, the governance token of PendleFi, experienced a remarkable surge in its weekly gains, recording an increase of over 19%.

This surge propelled the token to reach all-time high valuations, soaring to approximately $630 million in market capitalization.

As the overarching governance token for PendleFi’s innovative product, $PENDLE enables unprecedented levels of yield control within the Ethereum DeFi sector. With a market cap hovering around $585 million and a gain of over 122% in the past 30 days, $PENDLE stands out among significant Ethereum DeFi assets.

CoinMarketCap data reveals that 92% of $PENDLE’s token supply is already in circulation, indicating substantial market exposure. Compared to prominent DeFi tokens like $UNI and $LDO, $PENDLE exhibits considerable growth potential, assuming favorable conditions within the protocol and the broader market.

Notable $PENDLE Holders’ Count To Watch

An area of focus is the number of $PENDLE holders, which currently stands at approximately 9 thousand wallets, as per Etherscan data. While this figure is not uncommon for a nascent DeFi project, it contrasts with tokens like $LDO and $UNI, boasting 44,000 and 377,000 holders, respectively.

Concerns may arise regarding token concentration, particularly with the vePENDLE contract holding the largest share at 18.5% of the total supply. Despite this, several unmarked wallets also hold significant stacks of $PENDLE, with the three largest holding 8.5%, 7.4%, and 4.3% of the total supply.

Additionally, certain centralized exchanges like Binance and Cryptocom possess designated wallets with notable holdings of $PENDLE. However, the presence of significant holdings in unmarked wallets underscores the need for careful monitoring of token distribution and concentration within the ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: jemastock/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

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