BitMEX co-founder Arthur Hayes simply added about $500,000 to his seven-figure place in a single decentralized finance (DeFi) altcoin undertaking, in keeping with on-chain knowledge.
In line with the Ethereum (ETH) block explorer Etherscan, Hayes has bought greater than 98,560 Pendle (PENDLE) tokens, a undertaking that enables customers to tokenize and promote future yields.
He made the transaction utilizing Wintermute, a number one digital belongings buying and selling agency.
Hayes, who can also be an advisor for the Pendle undertaking, presently holds greater than 1,555,697 PENDLE tokens with a price of greater than $7.7 million, in keeping with Etherscan.
Hayes beforehand introduced in the course of the broader crypto market correction on Might 2nd that he supposed to up his funding in Pendle.
“I’m shopping for Solana and doggie cash (memecoins) for momentum buying and selling positions. For longer-term sh*tcoin positions, I’m upping my allocations in Pendle and can determine different tokens which can be ‘on sale.’ I’ll use the remainder of Might to extend my publicity. After which it’s time to set it, overlook it, and look ahead to the market to understand the inflationary nature of the latest US financial coverage bulletins.”
He additionally believes that Bitcoin (BTC) may commerce sideways till August.
Mentioned Hayes,
“A rally to above $60,000 after which range-bound value motion between $60,000 and $70,000 till August.”
Pendle is buying and selling for $4.96 at time of writing, down greater than 3% within the final 24 hours.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Value Motion
Comply with us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses chances are you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in online marketing.
Generated Picture: DALLE3