Like many altcoins, Pendle ($PENDLE) saw impressive gains during Monday’s trading session, hitting a 50-day high of $3.68.
This surge followed the opening of bitcoin-linked liquidity pools with Lombard Finance and Use Corn, offering fixed annualized yields of just over 10% and floating yields as high as 45%. The move has strengthened Pendle’s fundamentals, attracting more attention to the platform.
DeFi platform @Pendle_fi has opened bitcoin-linked pools with @Lombard_Finance and @use_corn offering just over 10% in fixed annualized yields and floating yields of as high as 45% in a move that expands the product’s fundamentals.https://t.co/55NgaBtVzh
— CoinDesk (@CoinDesk) September 14, 2024
In a notable development, Arthur Hayes, co-founder of BitMEX, made a significant deposit of 350,010 $PENDLE (valued at $1.26 million) to Binance and Bybit within the last hour, according to on-chain reports.
Haye’s Next Move Remains Unknown As He’s Still Holding Significant Amount Of $PENDLE Token
This transaction has sparked interest in Hayes’ next move, as he continues to hold 1.66 million $PENDLE (worth $5.93 million) in Pendle Finance. Since his tokens have passed the locking period, they are now eligible for sale at any time.
Arthur Hayes (@CryptoHayes) deposited the first 350,010 $PENDLE ($1.26M) to #Binance and #Bybit in the past hour.
Currently, Arthur Hayes still holds 1.66M $PENDLE ($5.93M) in @pendle_fi, which has passed the locking period and can be sold at any time.
His estimated total… https://t.co/uaOPIxV6z0 pic.twitter.com/c4wl7RDj5S
— Spot On Chain (@spotonchain) September 20, 2024
Hayes’ total estimated profit from his $PENDLE holdings currently stands at $1.09 million, marking an 18.2% gain. His involvement and potential for further sales add an interesting dynamic to Pendle’s price action, especially as the token continues to attract liquidity through its high-yield pools.
With Pendle showing strong growth and the potential for more significant price movements, it remains a token to watch closely. As Hayes and other major players make moves within the market, Pendle’s price could see further volatility. Investors will need to keep an eye on liquidity shifts and market trends to gauge where the token might be headed next.
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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