Investments made by prominent individuals in cryptocurrencies have always captured the attention of the public. Similar to Elon Musk’s influence on the cryptocurrency Dogecoin (DOGE), a recent noteworthy event involving Arthur Hayes and the altcoin Pendle (PENDLE) has had a significant impact on the market.
Arthur Hayes, who is the co-founder of BitMEX and has been gaining more recognition lately, reportedly added approximately $500,000 to his already substantial investment in Pendle, a decentralized finance (DeFi) altcoin project. This information was obtained from on-chain data provided by Ethereum block tracking system Etherscan. Pendle is a project that enables users to tokenize and sell future yields.
According to Etherscan, Hayes, who also serves as an advisor to the Pendle project, currently holds over 1,555,697 PENDLE tokens, which are valued at more than $7.7 million. Around five days ago, during a market correction in the crypto space, Hayes had announced his intention to increase his investment in Pendle.
In addition to his involvement with Pendle, Hayes also shared his thoughts on Bitcoin (BTC). The well-known investor believes that Bitcoin may experience sideways movement until August.
Examining the price of Pendle, it can be observed that it was trading at $5.04, reflecting a 1.40% decrease in the past 24 hours. The market capitalization of Pendle has surpassed $1.2 billion.
As for the trading volume of PENDLE, it has been performing well, recording a significant increase of 38% and surpassing $81 million.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.