Pendle whales bringing Alpha 🐳
Discover the best plays of smart money holding $PENDLE
Introduction
Hi, dear member of the Racing Crypto Club 🤝
Last week I was looking a lot into the whale moves using various Dune Dashboards and other tools I mentioned in my previous newsletter. As I was investigating different wallets further I found very interesting whales who have made some massive gains.
Earned a lot? How is this possible with the recent market crash with the alts bleeding almost 30% in 24 hours? The thing is that I was looking at the whales that were somehow connected to $PENDLE as its price went up more than 100% in the last month. That’s how I went into this rabbit hole 🐳
Let’s see what I have found 👀
How it all started
I am always starting with the Mochis dashboard and looking at the most profitable wallets. Some of them are contracts or exchange addresses so we need to be careful here (not like Cyril lmao). I instantly found this whale with a decent profit he made just recently.
He is no more a bag holder as he swapped all his $PENDLE for some decent profit but what is more interesting is what did he do after that or when will he buy $PENDLE back, that’s what I will be looking for as I have added him in my whales list.
The whale didn’t do much since, just staked some $ETH in Lido, and send some $cbETH to Coinbase that he got from Binance, definitely an interesting move. Furthermore, he deposited the $ETH he got left to Aave but he didn’t borrow anything so far. I will keep an eye on him and will keep you updated.
Now let’s move to the next candidate. I have found him using Bubblemaps as it’s the most convenient way to find any whales. It seems like there is a whole group of those whales who are holding more than 1% of the whole $PENDLE supply.
This group here is very interesting as they are not doing many transactions but are being followed by many wallets on DeBank. The wallet I found has been buying $PENDLE in 2022 when no one was talking about it.
Back then the price and TVL were a tenth of what we have now, the buy happened exactly before things started heating up. This whale was truly early and still holds a part of its bag (894k $PENDLE as of now and 64k as LP on SushiSwap). The whale is not doing many transactions RN so let’s move further.
The friends of this whale are even more interesting. Our whale transferred some $PENDLE to its Arbitrum friend which makes this wallet one of the biggest $PENDLE holders on Arbitrum. Let’s see what else this wallet is doing 👀
Holds a lot of alts along with some $USDC. The biggest bets are:
$PENDLE
$ARB
$VELO
$KWENTA
Furthermore, looks like he is a big fan of Level as the whale has some bags staked there, definitely worth keeping an eye on the project as Linn has also mentioned it a couple of times.
Now let’s move to the next friend of this group. The wallet was topped up on a whopping 1.25m $PENDLE from the first whale. Let’s discover the plays of the wallet, that’s where everything gets more interesting.
The whale locked 400k worth of $PENDLE for $vePENDLE (we will see later why). The other part on Arbitrum is also being held with slight sales happening every week, so the whale was fixing some profits.
The whale is also a big fan of Chronos, as he holds a big bag of LPs there but not much $CHR itself (about $250). The rewards themselves from the LPs are higher than $CHR holdings.
Another project this whale is heavily invested in is SolidLizard. Not a very popular DEX but definitely worth looking into, will share more info on it in the upcoming newsletters.
To conclude, only a small part of $PENDLE held by whales was sold, most of them are still holding and some of them are even locking it to increase their LPs APY. Other interesting projects that are worth looking into are Level, Chronos, and SolidLizard, all Ve(3,3) model DEXes, which are very interesting, will cover them in the next newsletter and will take a look at their whales and what they are up to.
Instis
I was also able to find some Projects which have also invested in $Pendle and are worth looking into. Was kinda hard to find them and classify but I managed to get the best of it.
0xAcid
0xAcid has deposited 300 #ETH into the Pendle Pool and I was able to find their address.
They are holding over $9m worth of different LSDs and I would definitely recommend them to buy some $PENDLE to increase the pool APY, a no-brainer move here.
Kleros
Looks like Kleros has been using Pendle Pools for its strategies depositing over $1.6 worth of LSDs. Again I don’t understand why wouldn’t they lock some $PENDLE to drastically increase the APY of the LP they have deposited in. Might be some buying pressure for $PENDLE, will see 👀
Conclusion
Hope you liked my small investigation on what $PENDLE whales are doing I will continue those series, as we have just found a lot of new projects, so we might take a look at their whales.
The most important takeaway for me was that almost all whales are holding strong and more and more projects are joying the Pendle ecosystem which makes me even more bullish on it in terms of a couple of years.
P.S. I have also found some alpha on a very BIG player buying $PENDLE, you can find it in my telegram channel!