Arthur Hayes, co-founder and former CEO of the cryptocurrency buying and selling platform BitMEX, has lately made headlines with important investments within the memecoin sector, notably by his notable buy of Pepe (PEPE).
Hayes’ optimism in the direction of memecoins, expressed in a current social media post on X (previously Twitter), has coincided with a major surge in PEPE’s worth, reflecting a broader resurgence in curiosity throughout the crypto market.
PEPE Price Soars Following Hayes’ Investment
On-chain analytics platform Lookonchain revealed that Hayes invested $250,000 in PEPE by buying roughly 24.39 billion tokens on Binance on Friday. This funding comes as PEPE is experiencing a notable upward trajectory, reaching its highest value in practically three months at $0.0000109.
CoinGecko data reveals that the token has recorded spectacular positive factors of 34%, 45%, and 38% over the previous week, two weeks, and month, respectively. The current value actions of PEPE are additional supported by a considerable enhance in buying and selling quantity, which surged by 41% within the final 48 hours to almost $2.5 billion.
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This uptick in buying and selling exercise is indicative of heightened investor curiosity, possible fueled by a bullish sentiment following the US Federal Reserve’s decision to chop rates of interest on September 18, which has supplied a positive atmosphere for varied cryptocurrencies, together with the memecoin sector.
Currently buying and selling at $0.0000107, PEPE is up 17% within the newest buying and selling hours. However, it stays down 37% from its all-time excessive of $0.0000171 reached in May. Despite this decline, Hayes’s endorsement seems to be a catalyst for continued investor curiosity.
Support For Mog Coin And The Mother Iggy Token
Hayes’s involvement within the memecoin area extends past PEPE. He has additionally proven assist for 2 different tokens: Mog Coin (MOG) and the Mother Iggy (MOTHER) token, related to Australian singer Iggy Azalea and constructed on the Solana blockchain.
While Lookonchain has not confirmed whether or not Hayes invested in these tokens as he did with PEPE, his endorsement has already positively impacted MOG’s value, which is presently buying and selling at $0.00000165—a acquire of over 10% following Hayes’s announcement.
MOG has recorded a colossal year-to-date surge of 10,398%, alongside a 5.70% enhance in buying and selling quantity. Despite these positive factors, it stays 32% beneath its peak of $0.0000024 reached in July.
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Conversely, the MOTHER token has struggled to take care of momentum, buying and selling down practically 14% prior to now 24 hours. However, it has seen substantial positive factors of 75% during the last week and 176% prior to now two weeks, signaling that it stays an asset of curiosity regardless of current volatility.
Overall, Haye’s assist for the memecoin sector reveals the traction that this a part of the market has gained over the previous 12 months particularly, outperforming the most important cryptocurrencies in the marketplace by a transparent margin.
Featured picture from DALL-E, chart from TradingView.com
