Pendle

Today's state: Pendle is trading at $1.48 with a $0.3 billion market capitalization (rank #149). The price moved -1.07% over the past 24 hours and is +15.85% over 7 days; the 30-day move stands at +9.60% and the 90-day at +45.03%.

Position vs cycle: The asset trades deep in the post-peak drawdown regime, more than 70% below its prior cycle high — typical of late-stage bear conditions or assets that have permanently re-rated lower.

Volatility and structure: 30-day realized volatility of 74.4% annualized is high for an asset this size. Our composite multi-horizon Price Strength reads Neutral (46/100), with the timeframes pulling in different directions and no clean directional read.

Beyond Bitcoin, PENDLE's 90-day return correlations to the other two largest layer-1 references help characterize whether the asset moves as part of a crypto-market beta complex or as something more idiosyncratic. The Pearson correlations across daily log returns:

• Bitcoin reference: +0.59 — a moderate positive relationship.
• Ethereum reference: +0.56 — a moderate positive relationship.
• Solana reference: +0.62 — a strong positive relationship.

Strong correlation to multiple references typically indicates that the asset trades primarily as crypto-market beta — moves in BTC/ETH/SOL drive most of the price action, and stand-alone alpha is harder to capture. Weak or negative correlations indicate idiosyncratic drivers (project-specific news, sector rotation within crypto, or narrative shifts) that can produce returns uncorrelated with the broader market.

Pendle (PENDLE) is a cryptocurrency, traded on global digital-asset markets. It trades at $1.48 as of the latest update, with a 24-hour move down 1.07%, placing it at rank #144 by market capitalisation among all listed digital assets. Pendle's current market cap stands at $252.37M, a figure used by traders, analysts and institutional desks to gauge relative liquidity and risk exposure across the crypto market.

On this page you'll find a live, daily-refreshed dashboard tracking Pendle across multiple data sources — price history going back several years, on-chain activity where available, fundamentals like circulating supply and dilution, top exchanges by volume, technical analysis using moving averages and RSI, and an algorithmic short, mid and long-term forecast. All figures are pulled from public APIs and cached locally; nothing here is investment advice.

Pendle is the governance asset of a working DeFi protocol; the cleanest mental model is equity in that protocol. What backs it is fee revenue, total value locked, user growth and how well-run the governance is — not the price of an external asset.

By market value, Pendle sits at rank #149 — a mid-cap asset in the broad top 250. About 61% of the maximum PENDLE supply is in circulation today (171.10M of 281.53M), leaving a moderate emission stream still to come. It currently trades about 80% below its all-time high of $7.52 set in April 2024.

Holding Pendle means holding a say in how the protocol is run — votes on fees, supported assets and treasury use — and, in revenue-sharing designs, a slice of what the protocol earns. Its value is therefore anchored to the protocol's usage and cash flows rather than to any single underlying asset.

By market value, Pendle sits at rank #149 — a mid-cap asset in the broad top 250. About 61% of the maximum PENDLE supply is in circulation today (171.10M of 281.53M), leaving a moderate emission stream still to come. It currently trades about 80% below its all-time high of $7.52 set in April 2024. Its fully-diluted valuation of $415.25M is about 1.6× the circulating market cap of $252.37M, a gap that signals issuance overhang to factor into any longer-term thesis.

The token is mainly used to vote on protocol decisions, to earn fee-shares or rebates where revenue is distributed to stakers, as collateral on lending venues (for the larger names), and simply as a way to hold exposure to the protocol's growth.

Daily turnover is unusually high at roughly 11% of market cap ($28.61M traded in 24 hours), the kind of liquidity that reflects an active news or trading cycle.

The supply story for Pendle comes down to three things: how tokens are issued over time, how many are circulating now, and how far the fully-diluted valuation sits above the circulating market cap. Approximately 60.8% of maximum supply is currently circulating, meaning roughly 39.2% of total potential supply remains to be issued. This implies a structural emission stream against current demand for the asset. The fully diluted valuation (FDV) of $0.4 billion stands at 1.6× the current circulating market cap of $0.3 billion. The wider this ratio, the more issuance overhang the asset faces — a structural headwind on valuation that mature assets like Bitcoin do not face but that early-cycle assets typically do.

The question that matters for a longer-term view is simple: does value accrual (burns, staking-yield reinvestment, deflationary mechanics, growing ecosystem TVL) run ahead of new issuance, or behind it? Ahead, and price can compound quietly; behind, and it leans on continuous fresh demand to soak up the supply.

What sets the macro tone for crypto is the cost and availability of money: where the Fed is steering policy rates, whether dollar liquidity is expanding or draining, and how much risk the market is willing to carry. The asset class has behaved like the high-beta tail of that cycle — first to rally as conditions ease, first to crack when they tighten.

To read crypto in a wider context, keep an eye on four markets — the dollar, where strength typically pressures risk assets; long-dated Treasury yields, which set the discount rate on future cash flows; gold, sometimes a parallel hard-money bet; and US equities, frequently correlated with crypto during liquidity-driven swings despite the popular "uncorrelated" label.

Narrowing to Pendle, the cleanest leading signal has usually been crypto-native liquidity — the combined trend in stablecoin supply, futures open interest and exchange turnover. When that pool of on-chain capital grows, PENDLE has tended to advance with it; when it drains, the move has typically gone into reverse. Given the 90-day BTC correlation of +0.59, PENDLE's near-term macro sensitivity will be similar to Bitcoin's — driven primarily by the same liquidity conditions and risk-asset flows.

The risks are protocol-specific: a smart-contract exploit can drain the treasury and dilute holders, a governance attack can capture voting power, revenue rises and falls with the DeFi cycle, rival protocols compete for the same liquidity, and the regulatory status of governance tokens is still unsettled.