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    Home ยป Arthur Hayes Purchase Drives Pendle Token Price Surge
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    Arthur Hayes Purchase Drives Pendle Token Price Surge

    By adminJun. 20, 2024No Comments2 Mins Read
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    Arthur Hayes Purchase Drives Pendle Token Price Surge
    Arthur Hayes Purchase Drives Pendle Token Price Surge
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    Over the past few days, the price of Pendle has experienced a strong resurgence due to accelerated growth within its ecosystem and an investment by Arthur Hayes, resulting in a rebound to an intraday high of $6.20, marking a 25% increase from its recent low point. In a recent tweet, the prominent figure in the crypto industry, Arthur Hayes, disclosed his inclusion of Pendle and Dogecoin in his investment portfolio. Reports from LookOnChain revealed that Hayes also acquired Pendle tokens worth over $500,000.

    Arthur Hayes, renowned for founding the crypto derivatives exchange BitMex and 100x Group, a company that invests in crypto-related ventures, has been an active participant in the crypto sector for years. Notably, Hayes was one of the early supporters of Ethena, a rapidly expanding blockchain network operating USDe, which has ascended to become the world’s fourth-largest stablecoin with a market capitalization exceeding $3.5 billion, driven by its impressive yield of over 20%.

    The Pendle ecosystem has also flourished, as evidenced by its total value locked (TVL) surpassing $6.9 billion, establishing it as the fifth-largest DeFi network, following closely behind Lido, EigenLayer, AAVE, Maker, and Ether.fi. Through Pendle, individuals can earn returns by holding stETH, eETH, and rsETH, offering substantial yields of 3.95%, 19.11%, and 25%, respectively, which stand out against the backdrop of short-term US Treasuries yielding less than 5.50%.

    Joining a cohort of numerous investors, Arthur Hayes has made an investment in the Pendle token, which is underscored by data from DEXTools revealing over 27,686 PENDLE holders, with a single address holding 21.35% of the total supply. The second and third addresses hold 12.2% and 11.3% of the total tokens, respectively, while the top ten holders collectively control approximately 69% of the supply.

    One of the significant challenges faced by holders is the impending introduction of additional tokens to the market, given that there are currently 155 million in circulation, compared to the total supply exceeding 258 million. Notably, Pendle’s growth has been remarkable, with its total market cap surging from $20 million in 2021 to over $896 million at present, reflecting its impressive performance since its early days.

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