Key Takeaways:
– Former BitMEX CEO Arthur Hayes invests $250,000 in memecoin PEPE, purchasing a total of 24.39 billion tokens.
– PEPE records notable increases in price and trading volume following Hayes’ investment.
– Hayes also shows support for Mog Coin (MOG) and the Mother Iggy (MOTHER) token, positively impacting their prices.
– Despite fluctuations, memecoins outperform many leading cryptocurrencies over the past year.
Arthur Hayes, the former Chief Executive Officer (CEO) of BitMEX, one of the most popular cryptocurrency trading platforms, is making waves in the memecoin market. In a recent step forward for memecoins, Hayes has reportedly invested $250,000 in Pepe (PEPE), a popular memecoin.
Memecoin Momentum Soars with Hayes’ PEPE Investment
On-chain analytics platform Lookonchain unveiled that Hayes purchased approximately 24.39 billion PEPE tokens on Binance, contributing $250,000 to his coin holdings. Following this investment, PEPE saw an upward trajectory, achieving a three-month-high price of $0.0000109.
CoinGecko data corroborates the impressive gains of PEPE, recording advancements of 34%, 45%, and 38% over the week, fortnight, and month respectively. Boasting a 41% surge in trading volume over the past 48 hours, the memecoin’s total turnover came close to $2.5 billion.
These statistics reflect a broader trend of revived interest within the crypto market. Market experts link this rise in trading levels and investor interest to the recent US Federal Reserve decision to cut interest rates on Sept 18, which in turn has fostered a congenial environment for cryptocurrencies.
As of the latest trading hours, PEPE trades at $0.0000107, making a 17% increase. Despite standing 37% below its all-time high of $0.0000171 reached in May, Hayes’ investment promises continuous investor interest in the token.
Hayes Extends Support to Other Memecoins
Hayes’ involvement with memecoins ventures beyond PEPE. His support extends to other tokens, namely Mog Coin (MOG) and the Mother Iggy (MOTHER) token. The latter is linked to Australian singer Iggy Azalea and built on the Solana blockchain.
Although it is not confirmed whether Hayes invested in these tokens as he did with PEPE, his endorsement has positively impacted MOG’s price. Currently trading at $0.00000165, MOG has appreciated by over 10% following Hayes’s announcement. In addition to a huge year-to-date surge of 10,398%, the trading volume of MOG also shows a 5.70% increase. However, it still stands 32% below its peak of $0.0000024 achieved in July.
On the other hand, fluctuations mark the performance of MOTHER token. While it has slipped nearly 14% in the past 24 hours, the token maintains interest with considerable gains of 75% and 176% over the last week and fortnight respectively.
Hayes’ support for memecoins casts a spotlight on this part of the crypto market, which has shown strong performance over the past year. With such high-profile investments, memecoins have surpassed many of the leading cryptocurrencies by a significant margin.
As memecoins continue to make their mark in the crypto arena, investors’ focus on these often-overlooked tokens will inevitably increase. Assuredly, as Hayes’ recent investments illustrate, the memecoin market, often dismissed as fleeting or insignificant, holds substantial potential for both long-term growth and short-term trading profits. As Arthur Hayes pioneers this new frontier of memecoin investment, the crypto world watches with interest, ready for new opportunities in a rapidly evolving market.