- Pendle (PENDLE) rose 25% following Arthur Hayes’ mention and subsequent sale of the token at a loss during Token2049.
- Hayes’ transaction coincided with a low point for Pendle, but its value appreciated significantly afterward.
- Community feedback led to significant revisions in Helium’s v3 proposals, focusing on core network enhancements.
Following the rate cut by the US Fed last week, Bitcoin and other digital assets rallied, with the largest crypto gaining over 7% in the past seven days. Other major assets also made impressive gains, with Ethereum and Solana up 11.5% and 10% respectively.
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At the same time, altcoins with a much smaller market cap, such as Helium and Pendle, have made even larger gains.
Pendle Soars on Arthur Hayes Revelation
Pendle (PENDLE) has gained a massive 25% in the past week, with a surge from a low of US$3.13 (AU$4.59), PENDLE currently changes hands for US$4.10 (AU$6.02).
Interestingly, that low was around the time when crypto figurehead and founder of BitMEX, Arthur Hayes, spoke about Pendle on stage of Token2049.
Hayes revealed that he held significant positions in Ethena (ENA), Pendle and Ethereum.
Data from lookonchain shows that he has since sold 1.59 million of the tokens for a total of US$5.62 million (AU$8.25 million). What’s also interesting is that Hayes made the sale at a loss of US$1.29 million (AU$1.89 million).
The price of Pendle has appreciated since, making those 1.59 million PENDLE worth US$6.91 million (AU$10.14) at some point, instead of the US$5.62 million Hayes sold them for.
Helium Lifting Crypto Portfolios Higher
Turning to Helium, HNT has gained close to 14% on the daily timeframe at some point, rising as high as US$7.83 (AU$11.49).
Helium is a blockchain network that connects and transmits data from low-power Internet of Things (IoT) devices. Launched in 2019, it uses nodes called Hotspots that act as both wireless gateways and devices for mining Helium’s cryptocurrency, HNT.
Helium was created to improve the existing infrastructure for IoT communications. The project fits into the broader category of DePIN or Decentralised Physical Infrastructure Networks.
According to Artemis, DePIN was among the best-performing sectors of late.
Meanwhile, the introduction of Helium v3 proposals led to significant discussions and some surprises within the community.
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In a post on X, the Helium team said these discussions helped to reflect on the needs and priorities of the Helium ecosystem. In response, core developers are considering key changes to the initial v3 proposals based on community feedback.
Utility vaults and decentralised oracles are no longer a part of the proposal, and token supply is unchanged – which had initially caused concern within the community.
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