Bitcoin, the leading cryptocurrency, has been making efforts to bounce back from the losses it encountered after dropping to $64,000 levels in early April. Recently, BTC surged back to $69,000, signaling a potential recovery. Alongside Bitcoin, some altcoins have also shown positive momentum in the market.
One standout altcoin in this recent market movement is Pendle (PENDLE), which witnessed a price increase of around 30%, making it one of the top gainers in the last 24 hours. The surge in PENDLE price can be attributed to the significant growth in total locked value (TVL). DefiLlama data reveals that Pendle’s TVL has surged from $240 million at the start of the year to approximately $4 billion in April.
Spot on Chain highlighted the impressive increase in Pendle’s TVL, which coincided with a sharp rise of around 30% in the PENDLE price within 24 hours. This surge in price caught the attention of investors and industry experts, including Arthur Hayes, the former CEO of BitMEX. Hayes praised Pendle as the future of decentralized finance (DeFi), further fueling investor interest in the project.
As of now, PENDLE is trading at $5.74, showcasing its resilience and potential in the dynamic crypto market.
Overall, the recent performance of Pendle exemplifies the growing influence of DeFi projects and highlights the opportunities for investors in the crypto space. Keep an eye on PENDLE as it continues to make waves in the DeFi sector. Remember, always conduct thorough research and seek professional advice before making any investment decisions in the crypto market.
