Date: Sat, Sept 21, 2024, 09:22 AM GMT
The cryptocurrency market saw a notable move today, as Arthur Hayes, the co-founder of BitMEX and CIO of Maelstromfund, began selling off a significant portion of his $PENDLE holdings. According to data from Lookonchain, Hayes has offloaded 1.27 million $PENDLE (worth approximately $4.4 million) over the past two days. This accounts for 61% of his total $PENDLE holdings, leaving him with 820,000 $PENDLE, valued at around $2.85 million.
Interestingly, just nine days ago, Hayes took to Twitter to express his confidence in $PENDLE, predicting the token could reach $10. However, he tweeted that they reduced their position to “fund a special situation.”
Will This Affect the Token’s Price?
Despite the large sale by Hayes, $PENDLE has shown resilience. Over the past 24 hours, the token has traded at $3.51, with only a minor drop of 0.53%. This small dip is more likely due to overall market conditions rather than whale activity. In fact, $PENDLE has been one of the top-performing tokens in the last 30 days, surging by over 22%.
Pendle (PENDLE) operates a protocol allowing users to trade future yields through an Automated Market Maker (AMM) system.
The platform’s growth has been evident, with its Total Value Locked (TVL) reaching $2.6 billion, while total trading volume sits at a staggering $26.4 billion. This reflects a growing ecosystem, suggesting Pendle holds strong potential for future development despite recent sale.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.