Arthur Hayes Took Significant Hit from PEPE and MOG Memecoins in Less Than a Week
Release: 2024/10/03 14:40 Reading: 477
Arthur Hayes Loses $47,000 on Memecoin Investments amid Market Downturn
Date: Thu, Oct 03, 2024, 05:14 AM GMT
Amidst the recent market volatility spurred by geopolitical unrest, Arthur Hayes, co-founder of BitMEX, has faced significant losses from his investments in the popular memecoins, PEPE, and MOG.
Data from SpotOnChain reveals that Hayes incurred a loss of $47,000 on these tokens within six days of purchasing them. Despite initial enthusiasm for memecoins in October, the cryptocurrency market has experienced a downturn, with Bitcoin (BTC) dropping to the $61,000 range.
Following Hayes's public support for PEPE, MOG, and MOTHER on Twitter on September 27, he invested a substantial $500,000 in PEPE and MOG. However, hours later, he decided to cut his losses, depositing 24.39 billion PEPE (worth $230,000) and 167.5 billion MOG ($223,000) back to Binance and Bybit.
The value of these memecoins has plummeted in recent times, with PEPE dropping by 18% and MOG losing over 10%. Hayes's exit from the market underscores the volatility of memecoins, which can lead to both substantial gains and losses in short timeframes.
While memecoins continue to draw attention from traders seeking quick profits, the recent downturn serves as a reminder of the inherent risks associated with these investments. Even experienced individuals like Hayes are not immune to the unpredictable fluctuations of the cryptocurrency space.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making any investment decisions.
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