Pendle (PENDLE) has seen a brief decline in value following a notable surge in recent weeks.
According to on-chain reports from Lookonchain, Arthur Hayes, co-founder of BitMEX and a prominent figure in the cryptocurrency world, unstaked 1.55 million PENDLE tokens worth $9.41 million.
Hayes’s decision to unstake such a substantial amount of PENDLE has raised concerns within the community about a potential price dump.
Currently holding 1.69 million PENDLE tokens, Hayes’s move has led to fears that he may be preparing to sell off his assets, which could exert downward pressure on the token’s price.
Arthur Hayes(@CryptoHayes) unstaked 1.55M $PENDLE($9.41M) 40 minutes ago and currently holds 1.69M $PENDLE($10.26M), with an average buying price of $2.24.
His unrealized profit on $PENDLE is $6.46M.https://t.co/wmOyMVRRlDhttps://t.co/YKyINyarvS pic.twitter.com/wbON3mzlQC
— Lookonchain (@lookonchain) June 6, 2024
Hars Still Has Over $6.46 Million Unrealised Profit
Despite the recent unstaking, Hayes still has an unrealized profit of approximately $6.46 million, with an average purchase price of $2.24 per token. This significant profit margin suggests that Hayes’s investment in PENDLE has been highly successful thus far, further fueling speculation about his future actions.
The cryptocurrency market is closely watching Hayes’s next moves, as his decisions could significantly impact PENDLE’s price and investor sentiment. The recent surge in PENDLE’s value, followed by the current dip, highlights the volatility and sensitivity of the market to actions taken by influential figures.
In summary, Arthur Hayes’s unstaking of 1.55 million PENDLE tokens has sparked fears of a potential price dump, causing a brief decline in the token’s value. With a considerable amount of PENDLE still in his possession and a significant unrealized profit, the market will be closely monitoring Hayes’s next steps.
This situation underscores the impact that major stakeholders can have on the cryptocurrency market and the importance of staying informed about their activities.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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