- PENDLE’s price has appreciated by 25% in the last seven days
Altcoin was among the market’s biggest gainers this week
As an experienced analyst, I believe that PENDLE‘s recent price surge is noteworthy and could indicate a strong bullish trend for this altcoin. The 25% price increase in just seven days, coupled with its ranking as the market’s biggest gainer, suggests significant demand from investors.
In the past week, the cost of PENDLE, the cryptocurrency linked to the well-known decentralized finance (DeFi) platform, Pendle, has experienced a substantial increase of over 10%.
At the moment of reporting, the value of the PENDLE token stood at $6.11, marking a significant surge of 25% during this timeframe. Based on information from CoinMarketCap, this digital asset held the top spot among crypto-assets with the greatest price increase over the specified duration.
As a crypto investor, I’ve observed that PENDLE‘s price surge was partly driven by Arthur Hayes, the co-founder of BitMEX derivatives exchange. In a post on June 20th, this industry veteran revealed his intention to invest in PENDLE and Dogecoin [DOGE], adding them to his personal holdings.
Following this transaction, on-chain investigator Lookonchain discovered that Hayes moved $2.05 million in USD Coin (USDC) towards Wintermute. As a result, he obtained approximately 280 Ether (ETH), which was equivalent to around $1 million, and 92,339 Pendle tokens, valued at roughly $554,000.
PENDLE puts holders in profit
In addition to Hayes’ move, the week has seen a surge in the general demand for the PENDLE.
Based on Santiment’s findings, there has been a significant increase in the number of daily addresses trading the altcoin over the past week. Specifically, there was a 22% rise in daily addresses between June 14 and June 21. Additionally, the creation of new daily addresses for PENDLE trading saw a notable uptick of 30% during the same timeframe.
During the past week, the sentiment score for the token reached a two-month peak of 2.37 on June 19th.
This measurement reflects the general market feeling towards a particular asset. It takes into account the prevailing sentiment surrounding the asset and the level of social media chatter. A significant increase in this measurement indicates a high volume of optimistic conversations.
Read Pendle’s [PENDLE] Price Prediction 2024-2025
With the price surge, PENDLE investors experienced profitable returns. Based on the seven-day moving average, AMBCrypto evaluated the token’s transaction volume trend. The ratio of daily profits to losses stood at 1.77 as of now.
For every losing PENDLE transaction during the past week, there were approximately 1.77 profitable ones. In simpler terms, more profits have been realized from trading PENDLE than losses incurred over the last seven days.
If buying momentum maintains itself and the uptrend continues, PENDLE may rally to exchange hands at $6.53.
As a crypto investor, if selling intensifies in the market, leading to a decrease in the altcoin’s price, then my earlier prediction of it reaching a certain level might not hold true. Instead, the token could potentially drop down to around $5.82 on the charts.
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2024-06-22 18:15