- The price of PENDLE has increased by 25% in the last 7 days
- Altcoins had the biggest gains in the market this week.
The price of PENDLE, the altcoin that powers the popular decentralized finance (DeFi) protocol, has seen double-digit gains over the past seven days.
At press time, the token was valued at $6.11, marking a 25% price increase over the period. According to data from CoinMarketCap, PENDLE ranked as the highest-grossing cryptocurrency asset during the aforementioned period.
PENDLE’s price rise was partly fueled by Arthur Hayes, co-founder of derivatives exchange BitMEX, who decided to add the token to his portfolio. In a post by X on June 20, the industry veteran announced plans to add PENDLE and Dogecoin (DOGE) to his “bag.”
Soon after, on-chain analyst Lookonchain discovered that Hayes had transferred $2.05 million worth of USD Coin (USDC) to Wintermute. In return, he received 280 ETH, worth about $1 million, and 92,339 PENDLE, worth about $554,000.
PENDLE brings profits to its holders.
In addition to Hayes’ move, overall demand for PENDLE has surged this week.
According to of santiment Data shows that the number of daily addresses trading altcoins over the past week jumped 22% between June 14 and 21. During the same period, the daily number of new addresses created for PENDLE transactions increased by 30%.
Source: Santiment
In fact, during the week under review, the token’s weighted sentiment soared to a two-month high of 2.37 on June 19.
This indicator tracks the overall sentiment of the market regarding an asset. Consider the sentiment and amount of social media discussion about the property. A spike like this means a surge in positive mentions.
Read 2024-2025 price forecast for Pendle (PENDLE)
As the price rose, PENDLE holders also recorded profits. AMBCrypto uses a 7-day moving average to evaluate a token’s daily trading volume ratio as a profit/loss. At press time, the measurement was 1.77.
Source: Santiment
This means 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 losses from altcoin trading over the past seven days.
If buying momentum is maintained and the uptrend continues, PENDLE could trade at $6.53.
Source: TradingView
However, if selling activity increases and puts downward pressure on altcoin prices, the aforementioned prediction becomes invalid. And the token may fall to $5.82 on the charts.