Whale Alert: BitMEX Co-Founder Arthur Hayes Invests in Pendle as Price Surges 20%, Total Value Locked Skyrockets
Pendle ($PENDLE), the decentralized finance (DeFi) protocol, has experienced a significant price increase recently following positive developments within the Pendle ecosystem and a notable investment from industry veteran Arthur Hayes, co-founder of BitMEX, the derivatives exchange.
The surge in price can be attributed in part to a strategic move by Hayes, a highly respected figure in the cryptocurrency space, who publicly announced on the microblogging platform X (formerly Twitter) that he had added $PENDLE and the meme-inspired cryptocurrency Dogecoin ($DOGE) to his holdings.
Following Hayes’ announcement, Pendle witnessed a 20% jump, reaching a daily high of $6.2 before stabilizing around $5.95 at the time of writing. Lookonchain, an on-chain analysis firm, reported that Hayes transferred $2.05 million worth of USDC to Wintermute, a market maker, and received 280 ETH worth $1 million and 92,339.6 PENDLE worth $554,000.
Apart from Hayes’ influence, internal developments within Pendle have also contributed to the current momentum. The project’s total value locked (TVL), which measures the total value of crypto assets deposited within the protocol, has experienced a substantial increase since the beginning of the year and currently stands at $6.37 billion.
This surge in TVL indicates a growing user adoption of the protocol, allowing users to earn yields on their cryptocurrency holdings, some of which exceed 25%. Concurrently, the number of PENDLE token holders is steadily rising.
While Pendle flourishes, Dogecoin has witnessed major whales divesting their holdings, resulting in a decrease in supply from 45.3% to 31.3% over the past year. Data from IntoTheBlock reveals that 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.
These recent developments highlight the dynamic nature of the cryptocurrency market and the impact of influential figures like Arthur Hayes on the industry.