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Bitcoin, the leading cryptocurrency, is trying to recover the losses it suffered while falling to $ 64,000 levels at the beginning of April.
At this point, while BTC reached $ 69,000 again last night, some altcoins also differentiate positively from the market with the rise they experienced.
One of these altcoins was Pendle (PENDLE), while the PENDLE price increased by approximately 30% and attracted attention amid the fluctuations in the crypto market. With this rise, PENDLE ranked at the top among the altcoins that gained the most in the last 24 hours.
While the main reason for the increase in Pendle price was the increase in total locked value (TVL), according to DefiLlama data, Pendle's TVL increased from $ 240 million at the beginning of the year to approximately $ 4 billion in April.
In his post, Spot on Chain also pointed out that Pendle TVL reached 4 billion dollars and with this increase in TVL, the PENDLE price increased sharply by ~30% in the last 24 hours.
The $PENDLE price rose sharply ~30% (24H) as the @pendle_fi is reaching ~$4B in TVL!
Wallet 0xacf (likely an investor) took this opportunity to deposit 200K $PENDLE ($1.26M) to #Binance at $6.27 1hr ago.
The wallet vested 562.5K $PENDLE in 2022/3, at ~$0.147 ($82.5K),
And has… pic.twitter.com/hQWfKggs7d
— Spot On Chain (@spotonchain) April 5, 2024
“PENDLE: The Future of DeFi!”
While PENDLE attracted the attention of investors with its rise, the former CEO of BitMEX, Arthur Hayes, who made a name for himself with his posts, also shared a Pendle post. Pointing to the rise in PENDLE price, Hayes described Pendle as the future of decentralized finance (DeFi).
PENDLE continues to trade at $5.74 at the time of writing.
The future of #DEFI is $PENDLE.
Yachtzee bitches 😘😘😘😘😘 pic.twitter.com/4MtqmQvjpR
— Arthur Hayes (@CryptoHayes) April 5, 2024
*This is not investment advice.