Key Takeaways

• The PENDLE yield-trading token shot up in early July 2023 after it was listed on the Binance crypto exchange.
• Pendle, which has been on the open market for a little more than two years, broke past $1 for the first time in more than 18 months as a result of the news.
• Can Pendle cash in, or is it just a flash-in-the-pan?

The PENDLE cryptocurrency got a boost in July 2023 when it was listed  on the Binance (BNB) crypto exchange. 

The token, which helps power a network that aims to allow people to trade in interest, or yield, shot up to its highest price since 2021 as a result of the announcement.

But what is Pendle (PENDLE)? How does Pendle work? Let’s see what we can find out, and also take a look at some of the Pendle Price Predictions that were being made as of 24 July 2023.

Pendle (PENDLE) Explained

With the idea of decentralized finance (DeFi) allowing people to use financial services without having to go through traditional, centralized, institutions, it makes sense that blockchain-based finance allows people to do things like generate interest, or yield, on their investments.

One problem with crypto yield is that it can sometimes be hard to work out how much anyone is going to make at any time. If crypto interest rates fluctuate like crypto prices, then having something that helps people manage yield could be useful.

Pendle  is a platform that allows people to trade their yield, thus meaning that they can, potentially maximize the interest they receive.

The system, which was launched in 2021, is based on the Ethereum (ETH) blockchain and is powered by its native PENDLE token. 

How Pendle Works

Pendle takes coins and tokens and turns them into standard yield tokens, which allow them to be traded. This means, at least in theory, that people can make money even when interest rates drop.

It also, in effect, allows a derivatives market to be created, with people trading in things that derive their value from a crypto but are not cryptos in and of themselves.

The PENDLE token is used to pay for fees on the platform, and it can also be bought, sold, and traded on exchanges. 

Because Pendle is based on Ethereum, it is a token, not a coin. You might see references to such things as a Pendle coin price prediction, but these are wrong. 

PENDLE Price History

Let’s now take a look at some of the highlights and lowlights of the Pendle price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a Pendle price prediction. 

When Pendle first came onto the open market at the end of April 2021, cryptocurrency was flourishing and it was worth about $1.10. It soon shot up to trade at about $2.20 in early May. On 19 May 2021, though, the market collapsed and the token shot downwards. 

Although there was a freakish spike on 16 November which saw PENDLE reach an all-time high of $3.82, it was mostly downhill and it closed the year at $0.244.

2022 started well, with Pendle shooting past $0.60 on 4 January, it was all downhill from there. It fell below the cent in early May, and a series of market crashes left it worth $0.04557 on 31 December, representing a year-on-year loss of more than 80%.

So far, 2023 has seen some positive news for PENDLE’s investors. The token went on a general upward trend and, following the news that it was to be listed on Binance, it reached a high of $1.05, its highest price in 18 months, on 4 July. 

Since then, the price has fluctuated, with a high of $1.02 on 14 July as the market rose following the ruling that Ripple’s XRP cryptocurrency was not a security when it was being sold on exchanges. On 24 July 2023, it was worth about $0.72.

At that time, there were 202.9 million PENDLE in circulation out of a total supply of 231.7 million. This gave it a market cap of about $146 million, making it the 235th largest crypto by that metric. 

Pendle Price Analysis

In recent weeks, Pendle has been on a bit of a downturn. Although it rose 25% from $0.8092 on 1 July to its 4 July peak, it has since dropped nearly 30%. 

Pendle Price Prediction 

With that all out of the way, let’s take a look at some of the Pendle price predictions that were being made as of 24 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. 

First, CoinCodex  made a short-term Pendle price prediction which saw the crypto drop to $0.7107 by 29 July before recovering to $0.8075 by 23 August. The site’s technical analysis was bearish, with 17 indicators sending discouraging signals and 15 making bullish ones. 

Pendle Forecast for 2023

Moving on to other Pendle price predictions for 2023, DigitalCoinPrice  said it would reach $1.46, while Bitnation  said it would trade at $1.07. PricePrediction.net  was more cautious, saying PENDLE would trade at $0.99 this year.

Pendle Forecast for 2025

When it came to making a Pendle price prediction for 2025, Bitnation said the token would reach $2.51, while PricePrediction thought PENDLE would stand at $2.11. DigitalCoinPrice was halfway between the two, saying the crypto would be worth $2.31 in two years time.

Pendle Forecast for 2030

Looking forward at a more long-term Pendle price prediction for 2030, PricePrediction.net was out in the lead, saying it would trade at $14.38 that year, whereas Bitnation had it at $6.08 and DigitalCoin Price had a Pendle price forecast that said it would be worth $7.39 at the start of the next decade. 

Is Pendle a Good Investment?

It is hard to say. On one hand, Pendle’s recent Binance listing will have seen it reach people it would not previously have reached. On the other hand, it exists in a fairly crowded part of the crypto market, so we will have to see what it can do to stand out from its rivals. 

Keep in mind, too, that it is at a significantly lower price than it was in the run-up to its Binance listing. This might suggest that Pendle is one of many tokens that was unable to fully capitalize on getting on a big exchange. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in PENDLE.

Will Pendle go up or down?

No one can really tell right now. While the Pendle crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Pendle?

Before you decide whether or not to invest in Pendle, you will have to do your own research, not only on PENDLE, but on other, related, coins and tokens such as Yearn.finance (YFI). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs 

How many Pendle are there?

On 24 July 2023, there were 202.9 million PENDLE in circulation out of a total supply of 231.7 million.

Will Pendle reach $10?

It could do, but if it does, it won’t be for some time. PricePrediction.net says it could happen by 2030 while DigitalCoinPrice has Pendle in double figures the following year. 

It is worth noting that PENDLE’s all-time high, which it reached in November 2021, is $3.82. 

What is Pendle used for?

The PENDLE token is used for transaction fees on the Pendle crypto yield platform. Holders can vote on changes to the network and it can also be bought, sold, and traded on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.