Arthur Hayes backs Dogecoin, Pendle amid meme coins recovery

Global Digital Assets Market Rebounds with Meme Coin Comeback

The digital assets market has witnessed a resurgence led by top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE. This recovery comes amidst selling pressure or potentially investors buying the dip.

Dogecoin Regains Ground

Dogecoin has rebounded nearly 4% after a recent decline, while Shiba Inu has also surged over 5%. This growth follows a period of negative performance, with DOGE dropping 18% in the past 30 days and SHIB declining 25%.

Bitcoin Holds Steady

Despite these gains, Bitcoin has remained relatively stable with a marginal increase over the past day, maintaining the $65k level. However, U.S. Spot Bitcoin ETFs have experienced outflows of $152.4 million on Tuesday.

Crypto Leader Invests in Dogecoin and Pendle

Arthur Hayes, a prominent crypto investor, has announced plans to acquire Dogecoin in the current volatile market. Additionally, he intends to add Pendle (PENDLE) to his portfolio. PENDLE has seen a surge of 18% in the past 24 hours and 101% over the past 90 days.

PENDLE's Market Performance

At press time, PENDLE trades at an average price of $5.78, remaining 22% below its all-time high of $7.52 recorded on April 11, 2024. Its 24-hour trading volume has increased by 23% to $121 million.

Dogecoin's Long-Term Growth

Despite recent setbacks, Dogecoin remains up 38% year-to-date. It currently trades at $0.1235 with a 24-hour trading volume of $796 million and a market cap of $17.8 billion.

DEGEN's Notable Progress

DEGEN has made significant strides, ranking #2 among meme coins in several on-chain metrics. It follows Dogecoin in terms of trader numbers and transaction count, despite having a market cap of only 0.79% of Dogecoin's.

Regulatory News

The SEC has concluded its investigation into Ethereum 2.0, determining that the sale of ETH does not constitute securities transactions. This decision aligns with the SEC's previous approval of spot ETH ETFs in May, which classify ETH as a commodity.