Pendle Price Analysis: Is Pendle Finance Going to Drop After Arthur Hayes Moves to Sell?

In the next Pendle price analysis, Arthur Hayes’ unstaking of Pendle (PENDLE) tokens raises concerns in the crypto community. Will it lead to a price drop?

Arthur Hayes, the renowned co-founder of BitMEX, has recently unstaked a significant amount of Pendle (PENDLE) tokens, stirring apprehension within the crypto community.

Hayes moved 1.55 million PENDLE tokens, valued at $9.41 million, raising fears of a potential price drop as he continues to hold 1.69 million tokens.

What is Pendle Finance? Why Is PENDLE Token Up +940.11% this year?

Pendle (PENDLE) is a decentralized finance (DeFi) token associated with Pendle.fi, a protocol that allows users to tokenize and trade future yields.

It has since become a big name in the Liquid Staking Derivatives finance (LSDfi) market, offering crypto holders new ways to profit.

Arthur Hayes unstaked $9.4M of $PENDLE https://t.co/d01NhpOBQk pic.twitter.com/HqwTAYUgGh

— Smol News (@NewsInSmol) June 6, 2024

With $6.682 billion in Total Value Locked, this is a powerhouse in LSDfi.

The Details Behind Arthur Hayes’ Unstaking

With an average buy price of $2.24 for PENDLE, Hayes is looking at $6.46 million in unrealized gains. His unstaking transaction has sparked FUD across the crypto scene as many brace for a potential sell-off.

“Chill guys, it’s just 1 month stake unlocked. He just bought 600k more at an average price $6.15 days ago, why would he dump now?” commented one user on X, offering a more optimistic perspective.

Hayes has been vocal in supporting the project, endorsing it as a promising derivative exchange in the DeFi space.

This partners with Hayes recently grabbed more tokens at a premium, signaling he’s betting on further growth.

Arthur Hayes has a net-worth of $500mill+

He invested in $GMX at $17 (now $45).

He invested in $PENDLE at $1 (now $2.6).

He utilises one key metric to find “undervalued” coins, I’ll teach you how you can do it too in less than 5 mins: 🧵👇 pic.twitter.com/DnIqI6n1WE

— hoeem (@crypthoem) February 21, 2024

“Pendle offers a unique approach to yield investment by separating yield-generating tokens into ownership and yield tokens,” noted Hayes in a previous statement.

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Should You Sell Your Bag Now That Hayes Has Unstaked?

Before Hayes’ unstaking action, the price of PENDLE reached a high of around $6.30 on June 6. Post-transaction, the token’s value dropped slightly to $5.93, marking a roughly 4% dip over the last 24 hours.

This minor decline has added to the overall market anxiety.

(PENDLE)

Hayes nailed Bitcoin’s low at $59,804 on May 3, predicting a climb. Today, Bitcoin is at $71,796..

Sure, Hayes’ recent unstaking has caused a shorter panic and FUD, but he’s betting on an altcoin rally this summer. Pendle’s DeFi innovations suggest strong long-term prospects and should benefit, and it still seems Arthur is committed.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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