- BitMEX co-founder Arthur Hayes has increased his investment in the decentralized finance (DeFi) altcoin project Pendle (PENDLE) by $500,000, according to on-chain data.
- Hayes made the transaction using Wintermute, a leading digital assets trading firm, and now holds more than 1,555,697 PENDLE tokens valued at over $7.7 million.
- Hayes, who is also an advisor for the Pendle project, has previously expressed his intention to increase his investment in the project during the broader crypto market correction in May.
BitMEX co-founder Arthur Hayes increases his investment in DeFi altcoin project Pendle by $500,000, now holding tokens valued at over $7.7 million.
Hayes Boosts Investment in Pendle
Arthur Hayes, co-founder of BitMEX, has increased his stake in the DeFi altcoin project Pendle by $500,000, according to on-chain data. The transaction was made using Wintermute, a leading digital assets trading firm. Hayes now holds more than 1,555,697 PENDLE tokens, valued at over $7.7 million.
Hayes’ Strategy and Market Predictions
Hayes, who is also an advisor for the Pendle project, had previously announced during the broader crypto market correction on May 2nd that he intended to increase his investment in Pendle. He stated, “I’m buying Solana and doggie coins (memecoins) for momentum trading positions. For longer-term sh*tcoin positions, I’m upping my allocations in Pendle and will identify other tokens that are ‘on sale.’ I will use the rest of May to increase my exposure. And then it’s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.” He also predicted that Bitcoin (BTC) could trade sideways until August, with a possible rally to above $60,000.
Pendle’s Current Market Status
At the time of writing, Pendle is trading for $4.96, down more than 3% in the last 24 hours. Despite the current dip, Hayes’ substantial investment indicates his confidence in the project’s future performance.
Conclusion
Arthur Hayes’ increased investment in Pendle underscores the growing interest in DeFi projects among seasoned investors. Despite short-term market fluctuations, long-term confidence in these projects remains high, as evidenced by Hayes’ strategy of increasing his exposure during market corrections. As the crypto market continues to evolve, such strategic investments in promising projects could yield significant returns.
