As the cryptocurrency market as a whole was experiencing volatility, Pendle’s (PENDLE) price increased by around 30%.
The recent increase in price has triggered conversations within the cryptocurrency community.
Leaders in the industry support Pendle, calling it the “future” of decentralized banking.
Today, the price of PENDLE, the Pendle cryptocurrency, has surged by almost 30%, witnessing an incredible upswing. Despite unstable conditions in the larger crypto market, investors are drawn to this spike in attention.
Without further ado, let’s examine the variables that could have contributed to the PENDLE price surge and the underlying dynamics driving PENDLE’s development trajectory.
Pendle Price Rally Initiates Conversations
With its recent price spike, Pendle—a cryptocurrency that facilitates future yield tokenization and trading—attracted much attention from the market. Thanks to its recent price increase, PENDLE is among the top percentage gainers in the cryptocurrency market.
Pendle’s rapid price increase can be attributed to several key factors, particularly its exponential growth in total value locked (TVL). DefiLlama data shows that Pendle’s TVL jumped from $240 million at the start of the year to almost $4 billion in April.
Notably, according to DefiLlama data, the Pendle TVL was $3.96 at the time of writing. The increase in TVL indicates Pendle’s platform’s growing acceptance and use for future yield trading and tokenization.
Furthermore, the surge in Ethereum’s restaging closely correlates with Pendle’s expansion, as tokens restated from Ethereum in systems like EtherFi and Renzo significantly enhance Pendle’s ecosystem. However, there is reason to believe that the recent increase in Pendle fees is related to the increased trading of yield tokens connected to USDe, Ethena’s virtual currency.
Introducing USDe tokens on Pendle has increased investor interest even more because it offers chances to take advantage of the substantial payouts that Ethena provides through Pendle pools.
Price Increases Despite Industry Leaders’ Rebukes
Prominent figures in the cryptocurrency field have taken notice of the PENDLE price increase, indicating the DeFi yield protocol’s increasing prominence. The co-founder of BitMEX, Arthur Hayes, praised Pendle’s recent price increase and referred to it as the “future” of decentralized financing (DeFi).
Notably, these endorsements from prominent individuals verify Pendle’s novel yield-generating strategy and its potential to transform the DeFi market completely.
As of this writing, PENDLE’s price was up 26.73% to $6.27, and its trading volume had increased by 267.94% to $355.03 million from the previous day. Notably, the cryptocurrency has risen by almost 50% in the last seven days and has had a 105% monthly gain.
Notably, the cryptocurrency has experienced highs of $6.63 and lows of $4.92 in the past day.
