Crypto Investor Arthur Hayes Predicts $10 for PENDLE While Selling Below $4
Saturday, 21 September 2024, 11:19
Arthur Hayes and His PENDLE Prediction
Crypto investor Arthur Hayes, co-founder of BitMex, recently projected a bullish target of $10 for PENDLE when integrated with Bitcoin (BTC) DeFi. However, just ten days after making this prediction public, Hayes disclosed a significant reduction of his holdings.
Position Reduction Details
- On September 11, Hayes's Maelstrom Fund announced it was cutting back its PENDLE position.
- He sold off over 1.27 million PENDLE valued at around $4.4 million shortly after his bullish statement.
- This sale represented approximately 61% of his total PENDLE holdings.
PENDLE Market Trends
Despite his prediction, PENDLE has shown rapid fluctuations in value.
- PENDLE currently trades at $3.49, reflecting a 22.5% increase over the last month.
- The token notably dipped to $2.56 before recovering, indicating volatility.
In summary, Hayes's decision to sell below his target sends a critical message to investors about the need for thorough research.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.