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- PENDLE leads Coinstore’s top gainers, highlighting DeFi’s growing popularity.
- Arthur Hayes sees long-term bullish prospects for PENDLE, DOGE, and Ethena.
Coinstore, a cryptocurrency exchange, announced earlier this week the top five gainers on its platform over the last 24 hours.
Coinstore announced in a tweet that the top gainers were PENDLE, SNX, PEPE, FET, and RSR. According to the data, PENDLE has increased by 13.11% over the last 24 hours. And then, at the time of writing, the token had risen by 14.58% to $4.39 per token.
🚀 Top 5 24H Gainers at Coinstore 🎉
📈 PENDLE +13.11%
📈 SNX +8.41%
📈 PEPE +8.23%
📈 FET +8.11%
📈 RSR +7.64%#PENDLE #SNX #PEPE #FET #RSR pic.twitter.com/XFT3Gku8bg— Coinstore (@CoinstoreExc) July 15, 2024
Pendle’s DeFi Protocol Gains Investor Interest Amid Crypto Market Recovery
Pendle is a permissionless DeFi technology that enables future yield tokenization and trading using an Automated Market Maker (AMM) mechanism. Given the current state of the cryptocurrency market, services from such protocols are anticipated to attract significant investor attention, positively boosting the token’s value.
The broader cryptocurrency market’s enthusiasm, with Bitcoin (BTC) prices recovering to the $60,000 level, contributes to a bullish sentiment in the altcoin market.
Earlier last week, as we previously reported, the Lookonchain platform spotted a whale transferring 1.1 million PENDLE tokens to Binance. This event first raised fears about possible sell-offs and had a negative impact on the token’s price. However, the price barely fluctuated slightly before rising at the time of writing.
Furthermore, Arthur Hayes, BitMEX’s co-founder, said that PENDLE has a bright long-term outlook. Hayes is similarly bullish about DOGE and Ethena (ENA), highlighting the growing trust in these coins among key market participants.
PENDLE’s remarkable performance in a rebounding market demonstrates the resilience and potential of DeFi protocols to attract investor attention and achieve significant value increases.
The good feeling surrounding Bitcoin’s revival strengthens the possibilities for altcoins such as PENDLE, SNX, PEPE, FET, and RSR, indicating a bright future for the larger cryptocurrency ecosystem.