Pendle was the first cryptocurrency to show signs of strength as the second half of July began. Pendle coin soared to a high of $4.45 over the course of four days, which sparked a rally in other cryptocurrencies and helped Bitcoin recover the $62,000 mark.
Pendle’s market value jumped to $691.5 million thanks to a strong V-shaped rebound and a lot of whale accumulation. This upward trend has led to optimistic price expectations for Pendle, which suggest that its value could rise by 70%.
Pendle Finance recently had a major issue when someone tried to take over their domains by using a flaw in Squarespace to target domains that they had moved from Google Domains.
Pendle Team’s Swift Action
Right away, the Pendle team found a new malicious DNS record that sent their decentralized app (dApp) to a malicious website. In just 30 seconds, the team showed how quickly they could move by shutting down the app. Forty minutes after the attempt to take over the domain, they took it back.
Pendle Finance’s quick and strong response not only stopped the damage from getting worse, but it also showed how strong their security is. Users and other important people in Pendle now trust and believe the company more, which shows that it wants to keep operations safe and reliable.
On-chain data watcher Spotonchain says that a big holder buying a lot of Pendle is a major cause for the price rise. This whale just took out $3.73 million worth of PENDLE, even though they haven’t used Binance in six months.
The address that was related has gained 1.703 million PENDLE, which is worth $7.51 million or 58.2%. There is a $2.76 million profit that hasn’t been recognized yet. Smart investors generally add to what they own, which makes the market more stable and helps prices rise again.
Pendle hit a low of $3.2 floor as the market began to rise. This level and a long-term support trendline came together to form a high accumulation zone. The value of the item went up to $4.43, which is a 36% weekly rise. This rise helped Pendle get back to the 200-day EMA, which shows that people are once again optimistic.
