Arthur Hayes Takes $47K Hit After Quick Exit from PEPE and MOG Meme Coins
Release: 2024/10/03 23:29 Reading: 562
Arthur Hayes Takes a $47K Loss on Meme Coins
Arthur Hayes, co-founder of BitMEX, has incurred a loss of $47,000 after exiting from meme coins PEPE and MOG.
Hayes invested around $500,000 in these tokens on September 27, 2024, after publicly expressing support on Twitter. However, both tokens experienced a 10% price drop just six days later, prompting Hayes to sell.
PEPE had gained 21% in the previous 30 days but dropped 10% recently. MOG, despite its high volatility, had seen a surge of 3,388% year-to-date.
Hayes remains bullish on meme coins, but his investment in PEPE and MOG highlights the risks involved in short-term trades in this volatile market.
MARKET ACTIVITY
- Hayes sold his entire PEPE holdings for $229,771, resulting in a $22,737 loss.
- MOG also showed a similar trend, resulting in a realized loss of $22,189.
- PEPE has an active trading volume of $1.18 billion, while MOG's has dropped to $19.4 million.
HAYES' INVESTMENT STRATEGY
- Hayes has maintained a positive outlook on meme coins, implying confidence in their potential.
- His recent loss demonstrates the risks involved in short-term trades in this market.
- Hayes' public support for $MOTHER, a meme coin by rapper Iggy Azalea, has drawn attention.
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