Cryptocurrency News

Arthur Hayes Reaffirms Confidence in PENDLE with Massive Staking Move

Arthur Hayes has restaked 1.65 million PENDLE tokens, worth $8.4 million, demonstrating his confidence in the cryptocurrency's potential. This strategic move could lead to increased demand and price appreciation for PENDLE in the coming months.

Phoebe Roy

Jun 11, 2024 - 11:42

Jun 11, 2024 - 14:05

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Arthur Hayes Reaffirms Confidence in PENDLE with Massive Staking Move

Crypto Titan Stakes Millions in PENDLE Tokens

Arthur Hayes, a prominent figure in the cryptocurrency world, has recently made a significant financial move. According to Lookonchain, a source sharing blockchain data on X, Hayes locked a substantial amount of cryptocurrency.This involved restaking 1.65 million PENDLE tokens, valued at approximately $8.4 million.

Strategic Move to Boost PENDLE's Value

This move is a testament to Hayes' confidence in the potential of PENDLE. By locking his tokens, Hayes is effectively reducing the circulating supply of PENDLE in the market, which can create upward pressure on its price. This strategy is often used by investors who believe in the long-term growth prospects of a particular cryptocurrency.

Timeline for Potential Growth

Hayes has locked his PENDLE tokens until September 5th, suggesting he anticipates positive developments for the cryptocurrency within this timeframe. This move is likely to spark interest and speculation among other investors, potentially leading to increased demand for PENDLE.

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