$PENDLE is the most noteworthy cryptocurrency in the near future
PENDLE has been in the spotlight in the coming week due to its significant surge in value and substantial growth in market capitalization in recent days. The token has become one of the hottest cryptocurrencies in the market, appreciating 55% in the past 7 days.
This surge is in line with the significant growth of other key indicators on the platform. Specifically, Pendle's total locked value has reached $4.116 billion, achieving an astonishing growth of more than 1,600% in 2024 alone, consolidating its position as one of the largest DeFi yield protocols in the crypto market.
The surge in value can be attributed to a variety of factors, including the re-hypothecation boom of Ethereum (ETH) and the increase in yield token transactions related to Ethena's synthetic dollar USDe.
The price growth has also won symbolic praise from influential industry figures, with Arthur Hayes expressing his admiration for the project and calling it "the future of decentralized finance."
Currently, PENDLE is trading around $7.20, surging nearly 30% in 24 hours.
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