Arthur Hayes Unstakes $9.41 Million Worth of PENDLE, Exacerbating Downtrend
CryptoNewsTerminal Staff06 Jun, 2024
Arthur Hayes Unstakes $9.41 Million Worth of PENDLE, Exacerbating Downtrend
On June 6th, CoinTelegraph reported that former BitMEX CEO Arthur Hayes unstaked PENDLE tokens worth approximately $9.41 million. This significant unstaking has raised concerns and added downward pressure on the token's price. Hayes' decision to unstake such a substantial amount of PENDLE has raised eyebrows among market observers. Some speculate that he may be anticipating a further decline in the cryptocurrency market, while others suggest that he may be reallocating his funds to other investments. Whatever the reason, Hayes' unstaking has had a negative impact on PENDLE's price. The token has declined by over 10% since the news broke, and it is currently trading at around $0.004. It remains to be seen whether Hayes' unstaking will trigger a broader sell-off in PENDLE. However, the downward pressure on the token's price is undeniable, and investors should be cautious before making any investment decisions.
