BitMEX’s Arthur Hayes Sacks 100K Coins From Binance, Rally Ahead?

In an attention-nabbing chronicle witnessed within the cryptocurrency realm, BitMEX co-founder Arthur Hayes has once again sent tongues wagging with his massive PENDLE accumulation. Despite the cryptocurrency’s highly turbulent price movement over the past day, 100K coins were registered to have been accumulated from Binance, the world’s leading cryptocurrency exchange.

This has ignited discussions about a potential price surge for the PENDLE token ahead, given the past significant accumulations by the BitMEX founder. Let’s delve deeper into these statistics.

Hayes’ Accumulation Ignites Market Frenzy

According to data revealed by the on-chain tracker ‘The Data Nerd,’ Hayes accumulated 100K coins, worth $615K, from Binance today, June 1. Meanwhile, he currently holds 1.656 million PENDLE, worth $10.2 million, with notable amounts of tokens in staking.

Hayes has strategically accumulated such colossal amounts of PENDLE over time. A recent report by CoinGape Media revealed that Hayes purchased 500,000 USDC worth of PENDLE tokens, further solidifying his investment strategy.

It’s worth noting that the BitMEX co-founder is widely recognized for his astute investment strategies. Concerning this, his PENDLE accumulation has sparked a wave of optimistic market sentiments, fueling anticipation of the token’s future price trajectory.

Also, it’s worth mentioning that the PENDLE token has shown signs of a pullback over the past week, which might have prompted the BitMEX founder’s decision to stack coins further at current prices.

Also Read: Ethereum Founder Vitalik Buterin & Others Applauded By MatterLabs Amid ZK Saga, Here’s All

PENDLE Price Dips

Whereas, while writing, the PENDLE token’s price chart showcased a 2.50% dip in the past 24 hours and is currently trading at $6.13. The token’s price trajectory shows a flatline action in recent hours, with the 24-hour lows and highs being $6.11 and $6.45, respectively.

Coinglass data further shows a remarkable surge in the coin’s futures OI amidst this year’s bull cycle, underscoring increased investor interest in the asset. This adds a bullish tint to the token within the broader crypto market.

Meanwhile, the RSI hovered at around 55, hinting at slight upside pressure despite broader neutrality. Further buying pressure, as in the accumulations mentioned above, could set a bullish stage for the token ahead.

Also Read: Dogecoin Price: Whale Shifts 421M DOGE Sparking Price Speculations

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.