Prominent figures’ investments in cryptocurrencies have always garnered attention, and a recent event involving Arthur Hayes and WIF has made a significant impact on the market, similar to Elon Musk’s influence on DOGE.
So, what altcoin is Hayes buying? According to on-chain data, Hayes, co-founder of BitMEX and a figure increasingly mentioned in recent times, seems to have added around $500,000 to his already substantial position in a decentralized finance (DeFi) altcoin project.
Specifically, Hayes has purchased over 98,560 tokens from Pendle (PENDLE), a project that facilitates the tokenization and sale of future yields, according to data from Ethereum (ETH) block tracking system Etherscan. It’s worth mentioning that Hayes also serves as an advisor to the Pendle project.
With this recent purchase, Hayes now holds more than 1,555,697 PENDLE tokens, valued at over $7.7 million, as per Etherscan data. Interestingly, Hayes had announced his plan to increase his investment in Pendle about five days ago, around May 2nd, during a broader cryptocurrency market correction.
In addition to his activities in the altcoin market, Hayes has also shared his thoughts on Bitcoin (BTC). According to the well-known investor, it is possible for Bitcoin to experience sideways movement until August.
As for Pendle’s current price, it was trading at $5.04, reflecting a 1.40% decrease in the last 24 hours. The altcoin’s market cap has surpassed $1.2 billion, indicating its growing popularity.
On the trading volume side, Pendle has been performing well. With a 38% increase, its trading volume has exceeded $81 million.
It is important to note that the information provided in this article should not be taken as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
