The cryptocurrency market witnessed an increase in buying pressure for Pendle (PENDLE coin) today, May 6, following a significant purchase by a leading crypto whale and increased activity from institutional investors.
Arthur Hayes buys PENDLE coin
On-chain analyst Yu Jin revealed that BitMEX co-founder Arthur Hayes purchased a staggering 500,000 USDC worth of PENDLE tokens via leading crypto liquidity provider Wintermute just five hours ago. This latest acquisition adds to Hayes’ existing holdings, bringing his total PENDLE portfolio to 1.555 million tokens, currently worth approximately $8.08 million.
The data shows that Hayes strategically accumulated PENDLE. The last purchase was made at a price of $5.07 per token. This points to a potential buying spree at even lower prices than in the past. Analysts estimate Hayes’ average cost per PENDLE to be around $2.02, which translates into a significant variable profit of $4.89 million, or a staggering 155% return on investment.
The focus of smart money is PENDLE and 9 cryptos
Hayes’ significant purchase caused ripples in the cryptocurrency community and sparked speculation about a bullish interest in Pendle. This development comes amid a broader trend of “Smart Money” allocating more and more funds to the Ethereum (ETH) network. According to leading blockchain analysis platform Nansen, the last 24 hours have seen significant capital inflows into various Ethereum-based tokens, with PENDLE ranked among the top ten. According to Nansen data, the breakdown of the highest entries on the Ethereum network in the last 24 hours is as follows:
- Welsh: $5,914,382
- WBTC: $3,610,083
- rsETH: $2,443,428
- eETH: $2,379,788
- SAND: $2,272,415
- ROI: $1,488,675
- INJ: $850,991
- PEPE: $695,635
- PENDLE: $602,924
- stETH: $415,350
The combination of these developments (a major whale accumulating PENDLE and increased institutional interest in the Ethereum network) has led to an increase in the price of PENDLE. At the time of writing, PENDLE is experiencing a significant price increase, highlighting the potential impact of such high-profile investments and broader market trends. While the specific reasons behind Hayes’ acquisition and the increase in Smart Money activity remain unclear, it is clear that Pendle has attracted significant interest. This increased interest may pave the way for prices to appreciate further in the coming days and weeks. However, as with any investment, potential investors must conduct extensive research and due diligence before making any decisions.
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