Altcoins

Arthur Hayes Unstakes 1.55 Million PENDLE: Price Impact

Arthur Hayes, co-founder of BitMEX, has recently unstaked 1.55 million PENDLE tokens, valued at $9.41 million.

Hayes’s actions usually coincide with significant price changes in PENDLE, hinting at possible profit-taking. This suggests that potential sales could influence the token’s market dynamics.

How Arthur Hayes’s Actions Influence PENDLE Price

Hayes’s transaction, detected by on-chain tracker Lookonchain an hour ago, immediately spiked discussions among the crypto community. According to the platform data, BitMEX co-founder currently holds 1.69 million PENDLE, worth approximately $10.26 million, with an average purchase price of $2.24 per token. Hayes’ unrealized profit stands at $6.46 million.

The accompanying chart in the LookOnChain post shows PENDLE’s price history, illustrating key moments of token accumulation and market response. For instance, Hayes’ transactions align with price spikes, indicating strategic market timing.

Previously, BitMEX co-founder has repeatedly expressed his confidence in the token’s potential, calling PENDLE “the future of DeFi.” His aggressive buying spree represented an illustration of his position.

Hayes’s Trading Activity and PENDLE Price. Source: LookOnChain

Pendle Finance, an Ethereum-based yield trading protocol, uses a unique approach by splitting assets into Principal Tokens and Yield Tokens. This method allows users to trade tokens while earning yields up to 47% on the underlying assets. This innovative strategy has garnered significant attention, contributing to the native token’s price surge.

However, Hayes’s motives for unstaking and potentially selling tokens at this particular time remain unclear. According to BeInCrypto data, PENDLE reached a local peak of $7.10 on May 25.

Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024

Trading at $6.06 at the time of writing, PENDLE has experienced a slight dip of 0.7% within the last 24 hours. The token’s market capitalization is around $935 million, with a fully diluted valuation of $1.57 billion. Over the past 24 hours, it has seen a trading volume of $55 million, reflecting active market interest.

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