Ethereum Restaking Token Stands Out in Weekly Crypto Race
The PENDLE token, belonging to the re-staking platform of the same name, has stood out for its good performance in the weekly race in the cryptocurrency market.
PENDLE It is located in third place of the assets with the highest price increase in the top 100 cryptocurrencies of the last seven days, just behind the PEPE and BONK memecoins that lead the list, according to data from CoinMarketCap.
The Pendle asset, which is hosted on the Ethereum network, had a price of $4.79 at the beginning of the aforementioned period and In the current day it is located at 6.30 dollars. Which represents an increase of approximately 31%. This can be seen in the following chart provided by TradingView.
Among the reasons that have driven the price of PENDLE, find adding more tokens to generate returns on the platform. There, users are allowed to participate in liquidity and re-staking strategies with various cryptoassets.
It is important to explain that re-staking consists of reusing the tokens that are received as proof of deposit on Ethereum liquid staking platforms.
One of the ways to do this is to use them as collateral to request a loan on a decentralized finance (DeFi) platform with which to make a new staking investment. The goal is to maximize the returns from the initial staking.
Precisely, Pendle was added rswETH, a token from the liquid re-staking (LRT) of the Swell network, a layer 2 rollup of Ethereum, with which profits can be generated.
This week the USDe stablecoin, issued by the Ethena organization, also arrived in Pendle. This cryptocurrency tries to maintain parity with the dollar through an arbitration mechanism that issues and destroys tokens as the market requires.
Over there USDe will also generate profits through a liquidity pool. The initial mintage of the stablecoin is limited to 100 million.
As Pendle is an Ethereum platform, it has benefited from the high expectations generated by ether (ETH) ETFs, native cryptocurrency of the network. Yesterday, May 23, the financial instruments were approved by the US regulator, as reported by CriptoNoticias.
Meme cryptocurrencies are the leaders
For its part, meme cryptocurrencies have the largest price increase in the week. In the case of the PEPE token, created as a tribute to the Internet meme “Pepe, the frog”, it has had an increase of 36%. Its price went from $0.00001019 to $0.000014, as reflected in the following TradingView chart.
PEPE is followed by BONK, a token based on the Solana network, which recorded an increase of 35%. The price of the token today is $0.000032 and seven days ago it was $0.000024.
Memecoins have proven to be one of the most volatile and speculative assets on the market. Its value is driven primarily by sentiment on social media and online communities, rather than economic fundamentals.
