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Arthur Hayes Doubles Down on Dogecoin (DOGE) and One DeFi Altcoin Amid Crypto Downturn

June 20, 2024

BitMEX co-founder Arthur Hayes is increasing his bullish sentiment on both Dogecoin (DOGE) and Pendle (PENDLE) despite the sudden crypto downturn.

Hayes tells his 524,900 followers on the social media platform X that there remains more upside potential this cycle for memecoin DOGE and Pendle, which allows users to tokenize and sell future yields.

“I’m loving this choppy sideways to down shitcoin price action. I’m adding to my bags of PENDLE and DOGE.”

DOGE is trading for $0.12 at time of writing, up more than 2% in the last 24 hours. Meanwhile, PENDLE is trading for $5.65 at time of writing, up nearly 13% on the day.

Hayes, who is also an advisor for the Pendle project, was recently spotted locking up $8.4 million worth of PENDLE tokens until September 5 of this year.

PENDLE, the platform’s native token, can be used to earn rewards by those who provide liquidity to the protocol. Locking up PENDLE tokens can be done for up to two years and allows users to vote on governance proposals while also earning 3% of all the yield accrued by its yield-bearing tokens (YT).

Another project Hayes said he was bullish on is Ethereum (ETH) competitor Aptos (APT). Hayes predicts that the layer-1 (L1) smart contract blockchain Aptos will overtake Solana (SOL) this market cycle in one to three years.

Aptos is trading for $6.81 at time of writing, up more than 2% in the last 24 hours.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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