Crypto Expert Unveils Most Undervalued Altcoin Right Now
11 April 2024 - 1:08PM
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Charles Edwards, the founder of crypto hedge fund Capriole
Investments, spotlighted what he believes to be the most
undervalued altcoin at the moment. Via a statement on X, Edwards
pointed to PENDLE, a token operating within the DeFi space, citing
its exceptional total value locked (TVL) and market cap as primary
indicators of its undervaluation. “Perhaps the most undervalued alt
right now is PENDLE. Massive $4.6B TVL (about 5% of entire crypto
world’s TVL) and market cap just 14% of its TVL. Huge flywheel
effects with Ethena also. Ludacris growth,” Edwards remarked,
sharing the total value locked (TVL) chart by DefiLlama. Arthur
Hayes, founder of BitMEX, also recently shared his optimism about
PENDLE, reinforcing its potential within the DeFi sector with an
enthusiastic, “The future of DEFI is PENDLE. Yachtzee bitches.” The
future of #DEFI is $PENDLE. Yachtzee bitches 😘😘😘😘😘
pic.twitter.com/4MtqmQvjpR — Arthur Hayes (@CryptoHayes) April 5,
2024 Why Is PENDLE Crypto’s Hottest Altcoin? Since the start of
January, PENDLE has seen a remarkable 590% increase in price, with
a 220% spike in just the last four weeks alone, making it one of
the top-performing assets in the broader cryptocurrency market.
This surge aligns with a significant rise in Pendle’s TVL, which
escalated from just under $240 million at the beginning of January
to over $4.6 billion recently. Related Reading: “Where It Should
Be”: Crypto Analyst Remains Firm On $1.7 Prediction For Cardano
(ADA) Delving into the reasons behind PENDLE’s impressive
trajectory, crypto researcher 100y.eth offered a detailed
explanation on X, focusing on the token’s distinct utilities and
tokenomics. “Pendle Finance revolutionizes DeFi by allowing the
tokenization and separation of yield-bearing tokens into PT
(Principal) and YT (Yield), tradable on Pendle’s AMM. This
innovation is at the core of Pendle’s current popularity,” the
researcher stated. Further shedding light on the factors driving
PENDLE’s accumulation, 100y.eth referred to significant whale
activity. “According to lookonchain, whales are still in the phase
of accumulating PENDLE, a testament to their belief in its
long-term value,” the researcher noted, citing substantial
withdrawals from exchanges as indicative of investor confidence.
Whales continue to accumulate $PENDLE! 0xe675 withdrew 295,443
$PENDLE($1.95M) from #Binance 3 hours ago and 372,752 $PENDLE
($2.46M) from #Binance 3 days ago. 0xAa4c withdrew 115,500
$PENDLE($764K) from #Binance 30 mins ago and 384,500
$PENDLE($2.54M) from #Binance 4 days ago.…
pic.twitter.com/w1MZTUHSZp — Lookonchain (@lookonchain) April 10,
2024 The essence of PENDLE’s appeal lies in its vePENDLE system,
which enhances its governance model and incentivizes long-term
holding. “Magic resides in vePENDLE. By locking PENDLE, users
receive vePENDLE, engaging more deeply with the ecosystem. This
mechanism not only fosters community governance but also amplifies
rewards for liquidity providers,” the researcher added. Related
Reading: From Hat To Heights: Dogwifhat’s $17 Crypto Leap
Electrifies Investors VePENDLE holders play a pivotal role in
determining liquidity dynamics through their voting power,
effectively channeling incentives to favored LP pools. “As of April
10, the rswETH Pool led with the most PENDLE votes, demonstrating
the active engagement of our community in governance processes,”
highlighted the discussion on yield dynamics and governance
participation. The synergy between recent market developments and
Pendle’s innovative tokenomics is generating unprecedented yield
opportunities. “With the frenzy around LRT and Ethena, we’re seeing
huge yields, including swap fees, accruing to vePENDLE holders.
Voter APYs in popular pools have soared from 100 to 400%, a clear
indication of Pendle’s growing allure,” the researcher elaborated.
At press time, PENDLE traded at $7.37. Featured image from
Shutterstock, chart from TradingView.com
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