Pendle is one of top performing altcoins over the last 24 hours.
PENDLE (the protocol’s native coin), which allows holders to trade future yield, is up by 42% as of the writing of this article, hovering around $2.75. The intraday peak was over $3.02.
PENDLE is down 29% this week, and well below the all-time record high price of $7.50 that was reached on April 11th.
The latest price increase is important, as it propels bulls up to $3.00. Similar bounces were also experienced after recent declines.
Pendle is currently trading above the area of support below which the bears attacked buyers, as the market plummeted to its lowest point since January. This crash coincided with the cryptocurrency sell-off, which saw Bitcoin fall to a low of under $50,000 on August 5, 2018.
The crypto bulls have been trying to get back on track after the recent market crash, which included market liquidations that broke records of $1.2 billion in a single day. Last time such bloodbath occurred on the cryptomarket was in the 2022 crash when Luna crashed.
Bitwise CIO Matt Hougan noted that the same thing happened in March of 2020, when the Covid pandemic caused chaos on the financial markets around the world.
Pendle’s price jumped 40% in just 24 hours.
Pendle is experiencing a strong upswing at the same time that the wider market has also experienced a good surge. Bitcoin’s recovery above $55k led to most altcoins within the top 10 market caps turning green. Several small-cap alts also managed double-digit increases.
The announcement made by Upbit, however, appears to have been the catalyst for the PENDLE spike.
The largest cryptocurrency exchange in South Korea announced that it would support PENDLE trading with Korean won and Bitcoin. Upbit launched PENDLE/KRW on August 6 and PENDLE/BTC on August 7. This is likely what caused the spike of 158% in PENDLE’s 24-hour trading volume.
CoinGecko reports that Pendle traded for over $415 Million at 6 AM ET.
Ondo Finance also increases its price
Ondo Finance, the tokenized real asset protocol that has seen significant growth alongside Pendle.
On the day of this writing, the price of the RWA native token ONDO had risen by more than 34%.
BlackRock, which has been a market leader for many years, made a huge deposit of $8.1 Million USDC on Ondo Finance.
Ondo Finance token buyers seem to have appreciated the boost in sentiment to the token price, with the V-shaped recover to the levels before Monday’s crash.
ONDO, however, is largely red, and could rely on a recovery in the wider market to continue the recent upside.
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