PENDLE TPKENS

Arthur Hayes Offloads 1.27 Million $PENDLE – Will It Affect the Token’s Price?


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.

Arthur Hyes Transactions
Sell-off on 21 Sept
Sell-off on 20 Sept

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.”

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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 coin price
Source: Coinmarketcap

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.


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