Famous CEO and Trader Added Those 2 Altcoins to His Portfolio!

Arthur Hayes, one of the most valuable and influential names in the cryptocurrency market, announced that he will buy Dogecoin (DOGE) in the volatile market. Hayes also adds altcoin Pendle (PENDLE) to his portfolio. Here are the details…

Hayes added two altcoin projects to his portfolio

BitMEX founder and former CEO Arthur Hayes announced that he invested in two altcoins. These were DOGE and PENDLE. Currently, DOGE price is hovering around $0.1249 according to TradingView charts. DOGE, which has declined in the last period, exceeded the 200-day EMA and 50-day EMA, which are important moving averages. Due to this bearish trend, DOGE is having a hard time finding solid support. A break of the 200-day EMA, which often serves as a valuable support level, could mean more selling pressure.

However, the reason why Hayes now wants to buy is considered to be the RSI (Relative Strength Index), which is currently around 32 and indicates a very oversold area. This may suggest that the sell-off may have reached its end and a recovery is approaching. There is also an increase in process activity compared to volumes. This may indicate that more investors are betting at these lower price points. Particularly when in oversold territory, an increase in volume is often seen as a reversal signal.

This breakthrough by Hayes attracted the attention of both DOGE and PENDLE investors. It was a matter of curiosity whether DOGE would recover in the short term and how PENDLE would perform in the coming period. These developments left their mark on the agenda of those who follow the cryptocurrency markets closely. In particular, Hayes explained that he likes the horizontal and downward mobility of shitcoins in the market. He subsequently stated that he continued to purchase DOGE and PENDLE.

What does the price indicate?

Hayes’ purchase of DOGE at this time may have been a calculated strategic move, hoping for a recovery from hard-selling conditions. If DOGE can stabilize at these levels and find support, a return to the previous resistance levels of $0.1446 and $0.1511 can be considered. Additionally, Hayes’ statement and influence could increase market sentiment by encouraging more investors, which could push the price higher. However, it should not be forgotten that DOGE’s performance will also be significantly affected by the general market situation, which is not very positive at the moment.

Hayes is a name known for announcing his investment decisions on his Twitter account. After his tweet under the username CryptoHayes, it was determined that one of Hayes’ wallets purchased 92,339.6 PENDLE (approximately $554,000) through Wintermute. It is known that $2.05 million USDC was transferred to Wintermute for this process, and 280 ETH (approximately $1 million) and 92,339.6 PENDLE were received in return.