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, significantly via 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 inside the crypto market.
PEPE Value Soars Following Hayes’ Funding
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 almost three months at $0.0000109.
CoinGecko data reveals that the token has recorded spectacular features 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 just about $2.5 billion.
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This uptick in buying and selling exercise is indicative of heightened investor curiosity, seemingly fueled by a bullish sentiment following the US Federal Reserve’s decision to chop rates of interest on September 18, which has offered a good surroundings for varied cryptocurrencies, together with the memecoin sector.
Presently buying and selling at $0.0000107, PEPE is up 17% within the newest buying and selling hours. Nonetheless, it stays down 37% from its all-time excessive of $0.0000171 reached in Could. Regardless of this decline, Hayes’s endorsement seems to be a catalyst for continued investor curiosity.
Assist For Mog Coin And The Mom Iggy Token
Hayes’s involvement within the memecoin house extends past PEPE. He has additionally proven assist for 2 different tokens: Mog Coin (MOG) and the Mom Iggy (MOTHER) token, related to Australian singer Iggy Azalea and constructed on the Solana blockchain.
Whereas 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. Regardless of these features, it stays 32% beneath its peak of $0.0000024 reached in July.
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Conversely, the MOTHER token has struggled to keep up momentum, buying and selling down almost 14% prior to now 24 hours. Nonetheless, it has seen substantial features of 75% over the past week and 176% prior to now two weeks, signaling that it stays an asset of curiosity regardless of current volatility.
General, Haye’s assist for the memecoin sector reveals the traction that this a part of the market has gained over the previous 12 months specifically, outperforming the most important cryptocurrencies in the marketplace by a transparent margin.
Featured picture from DALL-E, chart from TradingView.com
