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.
