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Sujit Kumar
Feb 1, 2024
by Sujit Kumar

BitMEX Founder Arthur Hayes Makes Strategic Move with Altcoin PENDLE - Estimated Profit Soars

Altcoin PENDLE

Table of contents

  1. Hayes' Altcoin Play Unveiled
  2. Market Dynamics Unfold
  3. Diverse Portfolio and Previous Investments
  4. Binance Labs' Prior Investment in Pendle Finance
In a noteworthy development, Arthur Hayes, the former CEO of BitMEX renowned for his insights into the crypto market, has made a strategic move by acquiring 500,000 PENDLE tokens from Binance, amounting to $1.28 million. This move follows Hayes' pattern of occasionally revealing his altcoin investments and sales.

Hayes' Altcoin Play Unveiled

On-chain data analysis platform Spot on Chain reported the details of Hayes' latest move. Hayes purchased PENDLE at an average price of $2.57, amassing a total of 1.34 million PENDLE, currently valued at $3.54 million. The estimated unrealized profit from this strategic acquisition stands at an impressive $1.45 million, reflecting a substantial gain of 70.4%.

Market Dynamics Unfold

Following Hayes' acquisition of PENDLE, the altcoin experienced a surge in its price, reaching up to $2.68. As of the latest update, PENDLE is trading at $2.54, indicating a market response to Hayes' strategic move.

Diverse Portfolio and Previous Investments

A glimpse into Hayes' portfolio reveals a diverse array of altcoins, including Ethereum (ETH), WILD, MEOW, USDT, WETH, WBTC, SUSHI, and ACH, in addition to PENDLE. This move aligns with Hayes' occasional revelations about his investments and trading activities.

Binance Labs' Prior Investment in Pendle Finance

It's noteworthy that Binance Labs, the investment arm of Binance, had previously invested in Pendle Finance in August 2023. This strategic move by Hayes adds another layer to the ongoing narrative around the potential of PENDLE in the crypto market.

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Arthur Hayes Altcoin PENDLE bitmex founder
BitMEX Founder Arthur Hayes Makes Strategic Move with Altcoin PENDLE - Estimated Profit Soars
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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