On-chain data shows a large amount of Pendle inflow into whale addresses a day after Arthur Hayes, co-founder of the BitMEX crypto exchange, sold the asset.

Lookonchain’s X post shows that Hayes sold 1.59 million Pendle (PENDLE) for $5.62 million last week. This brought a $1.29 million loss to the former CEO of BitMEX.

Data shows that Hayes deposited and sold the Pendle tokens on Binance, the largest cryptocurrency exchange by trading volume.

Since the selloff, Pendle witnessed increased on-chain movements from large holders. According to data provided by IntoTheBlock, the token’s whale net flows shifted from 366,310 PENDLE in outflows to 436,860 Pendle in inflows on Saturday, Sept. 21.

The indicator shows that large holders accumulating Pendle have dominated the whales selling the asset. 

Meanwhile, the number of large transactions consisting of at least $100,000 worth of Pendle declined from 30 to 17 on the same day, per ITB data. 

On the other hand, the volume of large transactions has steadily increased since Sept. 19. In simple terms, only a few of the largest PENDLE holders might have accumulated the token after Hayes sold most of his holdings.

Pendle gained 28% in the past 24 hours and is trading at $4.29 at the time of writing. The asset’s market cap is hovering around $690 million with a daily trading volume of $380 million.

Notably, whale-dominated movements could usually bring high price volatility to a cryptocurrency as many holders will try to aim for short-term profits.

Consistent with this pattern, bitcoin has already shown signs of recovery, gaining about $9,000 since the local bottom on Sept. 6, representing a 15% increase in value. This divergence between bitcoin’s (BTC) price and its hash rate started to shape up in July and then persisted into early September, when the computing power of the network reached an all-time high of 693 exahashes per second (EH/s) on a seven-day moving average, while bitcoin’s price was near $54,000.

Solana flipped Ethereum in its 24-hour volume in the decentralized exchange industry as most of its meme coins jumped.

According to DeFi Llama, Solana (SOL) DEX networks handled over $845 million in the last 24 hours, bringing the weekly volume to $5.17 billion. 

Ethereum (ETH) handled $747 million in the same period. Its weekly volume was over $6.4 billion. The other top chains were BNB Smart Chain and Arbitrum, which processed tokens worth $3.86 billion and $2.32 billion.

Orca has been the biggest DEX in Solana’s ecosystem in the last seven days, followed by Raydium and Phoenix. 

Solana summer

Additional data shows that March was Solana’s best month as it handled cryptocurrencies worth $60 billion during the month.

It was followed by July when it handled coins worth $56 billion as Ethereum processed coins worth $52 billion.

Solana’s volume rose because of the strong comeback of some of its meme coins in the past few days. Popcat (POPCAT) token has risen by over 25% in the last seven days, making it the best-performing top ten meme coin. 

Dogwifhat (WIF) has risen by over 9.4% in this period, pushing its market cap to over $1.72 billion. Cat In A Dogs World (MEW) rose by 16.2% while Book of Meme jumped by 8.5%. In most cases, crypto volume rises when tokens are in an uptrend.

The other notable Solana news was the strong comeback in the non-fungible token industry. Data by Cryptoslam shows that the total Solana NFTs jumped by over 35% in the last seven days to $16.7 million.

The number of buyers rose by 153% to 220,000 while the most popular NFT collections were Sorare, DeGods, and Solana Monkey Business.

Solana has also made more headlines recently. Coinbase added Solana’s ckBTC support while the developers launched PlaySolana, a handheld gaming console. 

Solana’s DEX and NFT volume rose as the SOL token bounced back. It spiked in the last six consecutive days, its highest swing since Aug. 27.