Charles Edwards, founder of cryptocurrency investment company Capriole Investments, made a statement about an altcoin that he thinks is undervalued.
Edwards argued that the altcoin called Pendle (PENDLE) is undervalued in the current market. He based this claim on the fact that PENDLE has a TVL of $4.6 billion, which is 5% of the total value locked (TVL) of the current cryptocurrency world.
According to Edwards, PENDLE's total market cap is only 14% of TVL's value, leading the founder to argue in favor of a bull market for this altcoin. Edwards also pointed out that Ethena, which has recently entered the cryptocurrency market and is extremely popular, and PENDLE work synergistically.
However, PENDLE is supported by Arthur Hayes, who was previously sentenced to house arrest in the USA on charges of violating anti-money laundering laws, and this name is known to have made some speculative moves. Therefore, PENDLE also carries such additional risks.
In addition, Edwards evaluated the inflation data announced yesterday, which came above expectations, as follows:
"Inflation is rising again and rising more than expected. This is likely why we have seen liquidity decrease in recent weeks. If these two trends continue, it may not be positive for cryptocurrencies."
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