Arthur Hayes Bullish on Binance-backed PENDLE with Major Investment Locked

  • The founder of BitMEX, Arthur Hayes, has once again taken a bullish stance on Binance-backed PENDLE.
  • Arthur Hayes, a prominent investor in Pendle and one of its advisors, has locked a significant amount of PENDLE tokens.
  • Hayes’ recent investment actions have drawn significant attention from the crypto community.

Discover why Arthur Hayes is bullish on PENDLE and what it could mean for the future of the token.

Arthur Hayes Locks Millions in PENDLE Tokens

This morning, blockchain analysis platform Lookonchain reported that Arthur Hayes locked 1.65 million PENDLE tokens. These tokens are expected to remain locked until at least September 5th. This move signifies Hayes’ continued confidence in the PENDLE project and its potential growth.

Long-term Strategy in Play

Token holders who lock their PENDLE tokens receive vePENDLE in return. The longer the tokens remain locked, the more valuable the vePENDLE earned becomes. vePENDLE holders are not only granted voting rights in various pools but also share in the protocol’s revenue earned from transaction fees. Hayes’ significant lock-up indicates a strategic long-term approach to gaining maximum benefits from his PENDLE holdings.

Historical Investments and Market Impact

Since June 2023, Arthur Hayes has been acquiring PENDLE through Binance and Wintermute, at an estimated average price of $2.24 per token. As of now, the token trades at $5.10 according to CoinGecko. This substantial increase underscores the profitability of Hayes’ investment strategy.

Community Reactions and Recent Developments

Just last week, Arthur Hayes withdrew 1.55 million PENDLE from staking, an action perceived as bearish by many in the PENDLE community. However, his immediate move to lock an even larger amount suggests a calculated and bullish long-term vision. Binance’s inclusion of PENDLE in its Innovation Zone in July 2023, followed by a strategic investment through Binance Labs, further solidifies the token’s market position and potential for future growth.

Conclusion

Arthur Hayes’ recent maneuvering with PENDLE tokens highlights his confidence in the project’s long-term success. His strategic lock-up of a substantial number of tokens suggests a potential profitable outlook, driven by the unique earning and governance framework of vePENDLE. Investors and crypto enthusiasts will undoubtedly keep a close eye on this development, as Hayes’ actions often signal significant market trends.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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