Pendle’s price has seen a significant rebound recently, driven by accelerated ecosystem growth and a strategic purchase by Arthur Hayes. The token surged to an intraday high of $6.20, marking a 25% increase from its lowest point this week.

In a recent statement, Arthur Hayes, a notable figure in the crypto industry, disclosed that he added Pendle and Dogecoin to his portfolio. According to blockchain analytics, Hayes acquired Pendle tokens worth over $500,000.

After Arthur Hayes tweeted about adding $PENDLE and $DOGE to his portfolio, one of his wallets bought 92,339.6 $PENDLE ($554K) through Wintermute.

Hayes transferred 2.05 million USDC to Wintermute and subsequently received 280 ETH ($1M) and 92,339.6 PENDLE ($554K).

Arthur Hayes is well-known in the cryptocurrency sector, primarily for founding the crypto derivatives exchange BitMex and the investment firm 100x Group. Recently, Hayes has been active in backing Ethena, a blockchain network that operates USDe. USDe has become the fourth-largest stablecoin globally, with a market cap exceeding $3.5 billion, largely due to its substantial yield of over 20%.

Pendle’s Ecosystem Growth

Pendle’s ecosystem is also experiencing significant growth, with its total value locked (TVL) now over $6.9 billion. This makes it the fifth-largest DeFi network, trailing behind Lido, EigenLayer, AAVE, Maker, and Ether.fi.

Pendle offers attractive returns for holding assets such as stETH, eETH, and rsETH, which yield 3.95%, 19.11%, and 25%, respectively. These rewards are substantial, especially when compared to short-term US Treasuries, which yield less than 5.50%.

Investor Insights

Arthur Hayes joins thousands of other investors in the Pendle token. Data indicates that there are over 27,686 PENDLE holders. Notably, one address holds 21.35% of the total supply, while the second and third largest addresses hold 12.2% and 11.3%, respectively. The top ten addresses collectively control about 69% of the total supply.

A key challenge for Pendle holders is the impending introduction of more tokens to the market. Currently, there are 155 million tokens in circulation out of a total supply of over 258 million.

Pendle’s market performance has been impressive since its inception. The total market cap has surged from $20 million in 2021 to over $896 million today.

Stay updated with the latest news and insights on cryptocurrencies, investing, and finance on Global Crypto News.

Post Views: 17