Former BitMEX CEO Arthur Hayes Backs Memecoin PEPE With $250,000 Bet
30 Septembre 2024 - 12:00AM
NEWSBTC
Arthur Hayes, co-founder and former CEO of the cryptocurrency
trading platform BitMEX, has recently made headlines with
significant investments in the memecoin sector, particularly
through his notable purchase of Pepe (PEPE). Hayes’ optimism
towards memecoins, expressed in a recent social media post on X
(formerly Twitter), has coincided with a significant surge in
PEPE’s value, reflecting a broader resurgence in interest within
the crypto market. PEPE Price Soars Following Hayes’ Investment
On-chain analytics platform Lookonchain revealed that Hayes
invested $250,000 in PEPE by purchasing approximately 24.39 billion
tokens on Binance on Friday. This investment comes as PEPE is
experiencing a notable upward trajectory, reaching its highest
price in nearly three months at $0.0000109. CoinGecko data
shows that the token has recorded impressive gains of 34%, 45%, and
38% over the past week, two weeks, and month, respectively. The
recent price movements of PEPE are further supported by a
substantial increase in trading volume, which surged by 41% in the
last 48 hours to nearly $2.5 billion. Related Reading: DogWifHat
Whale Doubling Down, Buys More WIF: All-Time High Incoming? This
uptick in trading activity is indicative of heightened investor
interest, likely fueled by a bullish sentiment following the US
Federal Reserve’s decision to cut interest rates on September 18,
which has provided a favorable environment for various
cryptocurrencies, including the memecoin sector. Currently trading
at $0.0000107, PEPE is up 17% in the latest trading hours. However,
it remains down 37% from its all-time high of $0.0000171 reached in
May. Despite this decline, Hayes’s endorsement appears to be a
catalyst for continued investor interest. Support For Mog Coin And
The Mother Iggy Token Hayes’s involvement in the memecoin space
extends beyond PEPE. He has also shown support for two other
tokens: Mog Coin (MOG) and the Mother Iggy (MOTHER) token,
associated with Australian singer Iggy Azalea and built on the
Solana blockchain. While Lookonchain has not confirmed
whether Hayes invested in these tokens as he did with PEPE, his
endorsement has already positively impacted MOG’s price, which is
currently trading at $0.00000165—a gain of over 10% following
Hayes’s announcement. MOG has recorded a colossal year-to-date
surge of 10,398%, alongside a 5.70% increase in trading volume.
Despite these gains, it remains 32% below its peak of $0.0000024
reached in July. Related Reading: Altcoin Market Cap Surges Past
200-Day EMA: Is Altseason Finally Here? Conversely, the MOTHER
token has struggled to maintain momentum, trading down nearly 14%
in the past 24 hours. However, it has seen substantial gains of 75%
over the last week and 176% in the past two weeks, signaling that
it remains an asset of interest despite recent volatility. Overall,
Haye’s support for the memecoin sector shows the traction that this
part of the market has gained over the past year in particular,
outperforming the largest cryptocurrencies on the market by a clear
margin. Featured image from DALL-E, chart from
TradingView.com
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