Big Crypto Investors Issue Some PENDLE Tokens, What's the Fate of the Price?

Bittime - Veteran investor Arthur Hayes has just released his partial ownership of Pendle (PENDLE) tokens. This action sparked speculation and concern among investors regarding its impact on the price of PENDLE. This article discusses the potential influence of Hayes' actions on future PENDLE price movements.

Arthur Hayes, co-founder of BitMEX, a renowned crypto derivatives trading platform, has recently caught the attention of the crypto community. He was recorded as releasing ownership of 1.55 million Pendle tokens (PENDLE), worth $9.41 million. This move sparked heated discussion because Hayes' previous investment decisions often accompanied significant price changes in PENDLE.

Currently, Hayes is known to still hold 1.69 million PENDLE tokens. Those holdings are worth about $10.26 million at an average purchase price of $2.24 per token, meaning Hayes pocketed potential unrealized profits of $6.46 million. This action of releasing some tokens has given rise to speculation that Hayes is taking profit, and if true, has the potential to suppress the price of PENDLE in the future.

Impact of Hayes' Action on PENDLE Price

Hayes' transaction was spotted by blockchain tracker Lookonchain and immediately came into the spotlight. According to platform data, Hayes' PENDLE holdings now stand at 1.69 million tokens.

Apart from that, LookOnChain also shared a graph of PENDLE's price history, which shows moments of token accumulation by Hayes and the market response at that time. This graph seems to suggest strategic timing by Hayes, as can be seen from several buy transactions that coincided with the spike in PENDLE prices.

PENDLE: DeFi Protocol with a Unique Scheme

Pendle Finance, a yield trading protocol operating on the Ethereum network, takes a unique approach when it comes to asset ownership. This approach involves splitting assets into two types of tokens: Principal Tokens and Yield Tokens.

Through this scheme, users can trade tokens while still earning returns of up to 47% on the underlying asset. It is this innovative strategy that has caught the attention of the crypto community and contributed to the rise in the price of the PENDLE token.

However, the motive behind Hayes' decision to divest some of his ownership of PENDLE is currently still unclear. According to BeInCrypto data, PENDLE touched a local high of $7.10 on May 25.

Current Condition of PENDLE

At the time of writing, PENDLE price was at $6.06, experiencing a slight decline of 0.7% in the last 24 hours. The token's market cap is listed at around $935 million, with a fully diluted valuation of $1.57 billion. PENDLE's trading volume in the last 24 hours reached $55 million, indicating active market interest in this crypto asset.

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