Pendle token price rallies as Arthur Hayes buys the dip
Pendle price has bounced back in the past few days as its ecosystem growth accelerated and Arthur Hayes bought the dip. It rebounded to an intraday high of $6.20, 25% above its lowest point this week.
In an X (Tweet), Arthur Hayes, one of the best-known players in the crypto industry, said that he had added Pendle and Dogecoin to his portfolio. According to LookOnChain, Hayes also acquired Pendle tokens worth over $500,000.
Arthur Hayes has been in the crypto sector for years and is best known for founding crypto derivatives exchange BitMex and 100x Group, a company that invests in companies in the crypto industry.
Hayes has been a big buyer
Most recently, Hayes was one of the backers of Ethena, a fast-growing blockchain network that operates USDe. USDe has grown to become the fourth-biggest stablecoin in the world with a market cap of more than $3.5 billion. It has attracted so many users because of its substantial yield, which stands at over 20%.
Pendle’s ecosystem is also thriving as its total value locked (TVL) has jumped to over $6.9 billion, making it the fifth biggest DeFi network after Lido, EigenLayer, AAVE, Maker, and Ether.fi.
Pendle helps people gain returns by holding stETH, eETH, and rsETH, which yield 3.95%, 19.11%, and 25%, respectively. These are substantial rewards considering that short-term US Treasuries are yielding less than 5.50%.
Arthur Hayes has joined thousands of other people who have invested in the Pendle token. Data by DEXTools shows that there are over 27,686 PENDLE holders, with one address holding 21.35% of the total supply.
The second address holds 12.2% while the third one holds 11.3% of the total tokens. Altogether, the ten biggest holders control about 69% of its supply.
A key challenge for holders is that Pendle is set to introduce more tokens to the market since there are 155 million in circulation compared to the total supply of over 258 million.
Pendle price has done well since its early days as its total market cap has surged from $20 million in 2021 to over $896 million today.
