Cryptocurrency Pendle ($PENDLE) Soars Amid Positive Developments and Investment from Arthur Hayes

Pendle ($PENDLE), a cryptocurrency powering a popular decentralized finance (DeFi) protocol, has seen its price soar in recent days

Cryptocurrency powering a popular decentralized finance (DeFi) protocol Pendle ($PENDLE) has seen a price surge amid positive developments within the Pendle ecosystem and a high-profile investment from industry veteran Arthur Hayes, co-founder of derivatives exchange BitMEX.

A key driver of the rally appears to be a strategic move by Hayes, a well-respected figure in the cryptocurrency space, who posted on microblogging platform X (formerly known as Twitter) that he was adding $PENDLE and the meme-inspired cryptocurrency Dogecoin ($DOGE) to his holdings.

Pendle jumped roughly 20% this week, reaching an intraday high of $6.2 before correcting to around $5.95 at the time of writing, after Hayes publicly announced his purchase. According to on-chain analysis firm Lookonchain, after his announcement Hayes sent $2.05 million worth of USDC to Wintermute, and received back 280 ETH (around $1 million) and 92,339.6 PENDLE (around $554,000).

After Arthur Hayes(@CryptoHayes) tweeted that he is adding $PENDLE and $DOGE to his bags, one of his wallets bought 92,339.6 $PENDLE($554K) through #Wintermute.

He transferred 2.05M $USDC to #Wintermute, then received 280 $ETH($1M) and 92,339.6 $PENDLE($554K).https://t.co/wo2Sl4245B pic.twitter.com/wo2Sl4245B

Moreover, Pendle's internal developments are propelling the current momentum. The project's total value locked (TVL), which reflects the total value of crypto assets deposited within the protocol, has seen a substantial increase since the beginning of the year, currently standing at $6.37 billion.

This surge in TVL indicates growing user adoption of the protocol, which enables users to earn yields on their cryptocurrency holdings, some of which exceed 25%, at a time when the number of PENDLE token holders is also steadily rising.

Meanwhile, Dogecoin has seen major whales divest their holdings, with their collective supply of the meme cryptocurrency dropping from 45.3% to 31.3% over the past year. According to data shared by IntoTheBlock, over the year DOGE holders with more than 0.1% of the cryptocurrency's supply have been selling, while retail and mid-sized investors now hold a larger share of the cryptocurrency's supply.

The featured image is from Pixabay.

News source：https://www.kdj.com/cryptocurrencies-news/articles/cryptocurrency-pendle-pendle-soars-positive-developments-investment-arthur-hayes.html

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