PENDLE crypto’s 25% hike – Here’s how and why it happened
One of the market's biggest gainers, PENDLE should thank Arthur Hayes now.
- PENDLE’s price has appreciated by 25% in the last seven days
- Altcoin was among the market’s biggest gainers this week
The price of PENDLE, the altcoin that powers the popular decentralized finance (DeFi) protocol, Pendle, has seen a double-digit price uptick in the last seven days.
At press time, the token was valued at $6.11, logging a 25% price rally during that period. According to CoinMarketCap’s data, PENDLE was ranked as the crypto-asset with the most gains over the aforementioned period too.
PENDLE’s price rally was partly fueled by Arthur Hayes, the co-founder of the derivatives exchange BitMEX, who decided to add the token to his portfolio. In a post on X on 20 June, the industry veteran announced his plans to add PENDLE AND Dogecoin [DOGE] to his “bags.”
Shortly after, on-chain analyst Lookonchain found that Hayes transferred $2.05 million in USD Coin (USDC) to Wintermute. In return, he received 280 ETH, valued at around $1 million, and 92,339 PENDLE, worth around $554,000.
PENDLE puts holders in profit
In addition to Hayes’ move, the week has seen a surge in the general demand for the PENDLE.
According to Santiment’s data, over the past week, the number of daily addresses that have traded the altcoin has surged by 22% between 14 and 21 June. During the same period, the daily count of new addresses created to trade PENDLE hiked by 30%.
In fact, during the week under review, the token’s weighted sentiment spiked to a two-month high of 2.37 on 19 June.
This metric tracks the overall mood of the market regarding an asset. It considers the sentiment trailing the asset and the volume of social media discussions. When it spikes this way, it suggests a surge in positive mentions.
Read Pendle’s [PENDLE] Price Prediction 2024-2025
As its price rallied, PENDLE holders also recorded gains. Using the seven-day moving average, AMBCrypto assessed the token’s daily ratio of transaction volumes in profit to loss. The metric’s value was 1.77 at press time.
This suggested that for every PENDLE transaction that ended in a loss over the past week, 1.77 transactions returned a profit. Simply put, PENDLE holders have recorded more profits than they have accrued losses trading the altcoin in the last seven days.
If buying momentum maintains itself and the uptrend continues, PENDLE may rally to exchange hands at $6.53.
However, if selling activity climbs, thereby putting downward pressure on the altcoin’s price, the aforementioned projection will be invalidated. And, the token may fall towards $5.82 on the charts.
