- The price of PENDLE is up 25% in the last seven days
- Altcoin was among the biggest winners in the market this week
The price of PENDLE, the altcoin that powers the popular decentralized finance (DeFi) protocol Pendle, has seen a double-digit price increase over the past seven days.
At the time of writing, the token was valued at $6.11, delivering a 25% price increase during that period. According to CoinMarketCaps According to data, PENDLE was also ranked as the crypto asset with the most gains during the aforementioned period.
PENDLE’s price rally was fueled in part by Arthur Hayes, the co-founder of derivatives exchange BitMEX, who decided to add the token to his portfolio. In a post on X on June 20, the industry veteran announced his plans to add PENDLE AND Dogecoin [DOGE] to his ‘bags’.
Shortly afterwards, on-chain analyst Lookonchain said found it that Hayes transferred $2.05 million in USD Coin (USDC) to Wintermute. In return, he received 280 ETH, worth approximately $1 million, and 92,339 PENDLE, worth approximately $554,000.
PENDLE ensures that holders make a profit
In addition to Hayes’ move, there was also a strong increase in general demand for the PENDLE this week.
According to Santiments According to data, the number of daily addresses trading the altcoin increased by 22% over the past week between June 14 and 21. During the same period, the daily number of new addresses created to trade PENDLE increased by 30%.
Source: Santiment
During the reporting week, the token’s weighted sentiment even rose to a two-month high of 2.37 on June 19.
This metric tracks the general mood of the market regarding an asset. The sentiment behind the item and the volume of social media discussions are taken into account. When it spikes like this, it indicates a wave of positive mentions.
Read Pendle’s [PENDLE] Price forecast 2024-2025
As the price rose, PENDLE holders also made gains. Using the seven-day moving average, AMBCrypto assessed the token’s daily ratio of transaction volumes to profits and losses. The value of the statistic was 1.77 at the time of printing.
Source: Santiment
This suggested that for every PENDLE trade that ended in a loss last week, 1.77 trades returned a profit. Simply put, PENDLE holders have made more profits than they have incurred losses trading the altcoin over the past seven days.
If the buying momentum continues and the uptrend continues, PENDLE could rally to change hands at $6.53.
Source: TradingView
However, if selling activity increases, putting downward pressure on the altcoin’s price, the aforementioned projection will be invalidated. And the token could drop on the charts towards $5.82.