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Whale Alert: BitMEX Co-Founder Arthur Hayes Invests in Pendle as Price Rises 20% and TVL Skyrockets

Theo

Pendle ($PENDLE), a cryptocurrency that powers a popular decentralized finance (DeFi) protocol, has seen a rapid price increase in recent days, driven by positive developments within the Pendle ecosystem and a high-profile investment from industry veteran Arthur Hayes, the co-founder of derivatives exchange BitMEX.

A major 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 is adding $PENDLe and the meme-inspired cryptocurrency Dogecoin ($DOGE) to his holdings.

Pendle rose about 20% this week, hitting 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 analytics firm Lookonchain, following his announcement, Hayes sent $2.05 million worth of USDC to Wintermute and received back 280 ETH worth $1 million and 92,339.6 PENDLE worth $554,000.


Beyond Hayes’ influence, Pendle’s internal developments are driving the current momentum. The project’s total value locked (TVL), a metric that reflects the total value of crypto assets deposited in the protocol, has seen a significant increase since the beginning of the year and now stands at $6.37 billion.

This increase in TVL indicates increasing user adoption of the protocol, which allows users to earn returns on their cryptocurrency holdings, with some of these returns exceeding 25%, while the number of PENDLE token holders continues to rise.

In the case of Dogecoin, meanwhile, it appears that large whales are dumping their holdings, with its supply falling from 45.3% to 31.3% over the past year. According to data published by IntoTheBlock, DOGE holders have sold more than 0.1% of the cryptocurrency’s supply over the past year, while retail and mid-sized investors now hold a larger share of the cryptocurrency’s supply.

Featured image via Pixabay.

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