Arthur Hayes Spurs Pendle Token Surge with Strategic Purchase Amid Market Low
Pendle’s price has rebounded strongly in recent days, driven by accelerated growth within its ecosystem and a strategic purchase by Arthur Hayes during a market dip. The token surged to an intraday peak of $6.20, marking a 25% increase from its weekly low.
In a recent tweet, Arthur Hayes, a prominent figure in the crypto industry, revealed his addition of Pendle and Dogecoin to his investment portfolio. According to LookOnChain, Hayes acquired Pendle tokens worth more than $500,000.
Arthur Hayes, renowned for founding BitMex, a leading crypto derivatives exchange, and 100x Group, a major investor in crypto ventures, has been a significant buyer in the market. His recent backing of Ethena, a rapidly growing blockchain network behind USDe, underscores his continued influence.
USDe has ascended to become the world’s fourth-largest stablecoin with a market cap exceeding $3.5 billion, appealing to users with its substantial yield surpassing 20%.
Pendle’s ecosystem is flourishing with its total value locked (TVL) surpassing $6.9 billion, solidifying its position as the fifth-largest DeFi network after Lido, EigenLayer, AAVE, Maker, and Ether.fi. Pendle enables users to earn returns by staking stETH, eETH, and rsETH, offering yields of 3.95%, 19.11%, and 25% respectively. These returns are notably higher than yields on short-term US Treasuries, which are currently below 5.50%.
Arthur Hayes joins a growing community of Pendle token investors. Data from DEXTools reveals over 27,686 PENDLE holders, with significant concentrations of ownership among the largest holders, controlling approximately 69% of the total supply.
However, Pendle faces a challenge as it plans to introduce more tokens into circulation, with 155 million currently in circulation compared to a total supply exceeding 258 million.
Since its inception, Pendle’s market capitalization has surged from $20 million in 2021 to over $896 million today, reflecting its robust growth trajectory.
