Arthur Hayes goes all in on PEPE after ATH
Release: 2024/09/27 18:29 Reading: 242
Arthur Hayes: Meme Coin Momentum Shift
Arthur Hayes, founder of BitMEX, has recently shifted his focus from long-term altcoin investments to meme coins. This move was evident when he acknowledged Iggy Azalea's MOTHER token, which experienced a significant surge of around 30% within a week. Now, Hayes is targeting PEPE after achieving gains on Pendle and Aethir (ATH).
Pepe, the third largest meme coin, witnessed a rapid spike following Hayes' interest. Its price climbed by over 18% in the past 24 hours. This growth mirrors the positive trend observed in the meme crypto category this week, with notable tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) also making impressive gains.
Hayes' Significant PEPE Investment
According to data from Spot On Chain, Arthur Hayes has acquired a substantial amount of PEPE following his ATH investment. He transferred 1 million USDC to Binance and subsequently withdrew 24.39 billion PEPE (approximately $252K) to his wallet.
Hayes expressed his enthusiasm for meme coins through a message, stating "It's time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can't neglect $PEPE."
Pepe's Price Performance
Despite facing selling pressure, Pepe experienced a breakout on Friday, reclaiming the crucial $0.00001062 mark. The frog-themed meme coin had last traded above this level in early August 2024.
At press time, Pepe trades at $0.00001061, with a 24-hour trading volume increase of 54% to $1.31 billion. Over the past 30 days, the token has gained around 37%, despite a 9% decline over the past 90 days.
Hayes' Shifting Investments
Hayes' recent meme coin acquisitions have intensified the market frenzy. His withdrawal of 30.89 million ATH (approximately $1.92 million) from Bybit represents his largest single ATH accumulation. This move was preceded by another significant ATH withdrawal of 47.37 million ATH (approximately $2.94 million) from multiple exchanges earlier in the week.
Hayes had previously invested in PENDLE, transferring 1.59 million Pendle (approximately $5.61 million) to Binance and Bybit before shifting his focus to ATH.
Hayes has also expressed interest in Iggy Azalea's memecoin, MOTHER, citing favorable macroeconomic conditions. He playfully tweeted, "Iggy Azalea, can you be my $MOTHER?"
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