Pendle (PENDLE) has witnessed an astonishing surge in its price, soaring by 25.37% in the last 24 hours. This comes as leading figures in the crypto industry, including BitMEX co-founder Arthur Hayes, express their views on the token’s meteoric rise. At the time of writing, PENDLE is trading at $7.16, marking a remarkable 138.48% increase in the past 30 days. This surge has captured the attention of both retail and institutional investors, as well as industry experts.
Arthur Hayes took to X (formerly Twitter) to express his astonishment at PENDLE’s price movement. He tweeted, “Does PENDLE know what gravity is?” along with a price chart illustrating the token’s substantial growth. Hayes’ tweet underscores the unpredictability and dynamism inherent in the crypto market, where significant price fluctuations are not uncommon.
Whales Turn Bullish on Pendle
In addition to Hayes’ commentary, data analytics platform Lookonchain provided further insights into the token’s recent performance. In a tweet, Lookonchain stated that as the price of PENDLE increased by around 25% and reached an all-time high (ATH), a fresh wallet withdrew 372,752 PENDLE ($2.67M) from Binance a few hours ago. This data indicates that large investors, commonly referred to as “whales,” have turned bullish on PENDLE and are actively accumulating the token.
The withdrawal of such a significant amount of PENDLE from Binance by a single wallet suggests strong institutional interest in the token. Whales typically have a substantial influence on the crypto market due to the large volumes of assets they control, making their bullish sentiment a potential indicator of future price movements.
Pendle is a DeFi protocol designed to enable the tokenization of time-based assets on the Ethereum blockchain. It aims to create a marketplace where users can deposit, stake, and trade time-based tokens representing future yield. The project has gained traction in the DeFi space for its innovative approach to yield generation and asset tokenization.
The recent surge in PENDLE’s price can be attributed to various factors, including growing interest in DeFi projects, positive market sentiment, and the bullish stance adopted by influential figures like Arthur Hayes. However, investors should exercise caution as the cryptocurrency market is known for its volatility, and significant price corrections can occur suddenly.
