BitMEX Co-Founder Arthur Hayes Embraces Volatile Sideways Market, Ups Holdings in Dogecoin (DOGE) and PENDLE
Release: 2024/06/20 01:24 Reading: 340
Arthur Hayes Invests in PENDLE and DOGE
Arthur Hayes, the former CEO of BitMEX, announced via Twitter his investments in PENDLE and DOGE. Hayes noted the current market volatility as an opportunity to enhance his portfolio.
Hayes's PENDLE Investment
Hayes acquired 1.65 million PENDLE, worth approximately $8.4 million. PENDLE has since climbed to $5.64, marking a 10% rise in 24 hours.
Dogecoin Whale Transaction Raises Concerns
Amidst a positive market outlook, Dogecoin has experienced a significant whale transaction. An unknown wallet transferred 99,321,007 DOGE, valued at $12.08 million, to Robinhood. Such transfers can indicate a potential sell-off.
Hayes Predicts Dogecoin ETF Amidst Rising Memecoin Popularity
Hayes foresees a Dogecoin ETF launch before the current market cycle ends. He attributes Dogecoin's unique cultural significance and listing on major platforms as reasons for its enduring appeal. Hayes believes cultural value sets Dogecoin apart from other memecoins.
He also acknowledged the prevalence of memecoins and their strong performance due to cultural resonance and simplicity. However, he expressed caution regarding the long-term cultural value of many new memecoins.
Recent developments from X Payments LLC and influential figures in the cryptocurrency space have bolstered optimism for Dogecoin. X's CEO, Linda Yaccarino, provided a positive update on X Payments, while Elon Musk has hinted at integrating cryptocurrency into X's payment system. These factors have renewed interest in Dogecoin.
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