In a story that has garnered significant attention in the cryptocurrency space, BitMEX co-founder Arthur Hayes has once again raised eyebrows with his enormous PENDLE collection. The world’s largest cryptocurrency exchange, Binance, was said to have contributed 100,000 bitcoin despite the day’s extremely volatile price fluctuations.
The BitMEX founder’s prior large accumulations have sparked talk about an impending price spike for the PENDLE coin. Let’s examine these numbers in more detail.
Hayes’s Amassing Sparks a Market Explosion
The on-chain tracker, “The Data Nerd,” has disclosed that Hayes purchased 100K coins from Binance today, June 1, for a total estimated value of $615K. He now has 1.656 million PENDLE, which is valued at $10.2 million, and he is staking a sizable portion of the tokens.
Over the years, Hayes has systematically amassed enormous quantities of PENDLE. According to a recent media story, Hayes strengthened his investment plan by acquiring 500,000 USD worth of PENDLE coins.
It’s important to note that the co-founder of BitMEX is well known for his wise investing choices. As a result of his PENDLE accumulation, market sentiment has become more upbeat, and there is more expectation for the token’s future price trajectory.
It’s also important to note that the token has been declining over the past week, which may have led to the BitMEX founder’s choice to add more coins at the present price.
PENDLE Price Decreases
In contrast, the PENDLE token’s price chart shows a 2.50% decrease over the previous day and is currently trading at $6.13. The token’s price trend has been flat in the last several hours, with 24-hour lows and highs of $6.11 and $6.45, respectively.
The Coinglass data also shows a noteworthy increase in the coin’s futures OI throughout this year’s bull cycle, indicating growing investor interest in the asset. This gives the token a more optimistic outlook on the larger cryptocurrency market.
In the meantime, despite wider neutrality, the RSI lingered at roughly 55, suggesting some upside pressure. Additional buying pressure, similar to the accumulations above, may pave the way for a favorable future for the coin.
