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PENDLE has recently surged past $4, attracting traders’ attention and sparking speculation about a potential rise to $6 if it can maintain momentum above $4.90.

Recent Performance
Currently trading at $4.42, PENDLE has seen a 26% increase in the last 24 hours, with a trading volume of $654.85 million and a market cap of $680.17 million. Its all-time high was $7.46 in April 2024, following a low of $0.034 in November 2022.

Driving Factors
The recent surge is partly due to predictions from Arthur Hayes, co-founder of BitMex, who suggested a $10 target for PENDLE. Despite Hayes selling $4.4 million worth at $3.46, the token rebounded, showing strong market resilience.

As you can see @MaelstromFund is reducing its $PENDLE position. Even after the reduction it is still one of our largest positions. We still fully believe that $PENDLE will be the leader in #crypto interest rate derivatives. And we plan to profit off of their success.

We have…

— Arthur Hayes (@CryptoHayes) September 21, 2024

Looking Ahead
With continued bullish sentiment and growing adoption in the DeFi space, PENDLE could push towards $6 and potentially reach $10. Its negative supply inflation rate could further drive prices as scarcity increases.

Conclusion
PENDLE’s momentum indicates strong growth potential, making it a token to watch. Investors should keep an eye on key resistance levels and market trends for future movements.