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Arthur Hayes, the co-founder and former CEO of the cryptocurrency trading platform BitMEX, has recently garnered attention with his significant investments in the memecoin sector. His notable purchase of Pepe (PEPE) has particularly stood out in recent headlines. Hayes’ enthusiasm for memecoins, as expressed in a recent social media post on X (formerly known as Twitter), has aligned with a considerable surge in PEPE’s value, reflecting a broader revival of interest within the cryptocurrency market.
PEPE Price Soars Following Hayes’ Investment
On-chain analytics platform Lookonchain disclosed that Hayes invested $250,000 in PEPE by acquiring approximately 24.39 billion tokens on Binance. This strategic move comes as PEPE experiences a remarkable upward trajectory, reaching its highest price in nearly three months at $0.0000109.
According to CoinGecko data, the token has recorded impressive gains of 34%, 45%, and 38% over the past week, two weeks, and month, respectively. The recent price movements of PEPE are further bolstered by a substantial increase in trading volume, which surged by 41% in the last 48 hours to nearly $2.5 billion.
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This uptick in trading activity signifies heightened investor interest, likely driven by a bullish sentiment following the US Federal Reserve’s decision to cut interest rates on September 18. This move has created a favorable environment for various cryptocurrencies, including those in the memecoin sector.
Currently trading at $0.0000107, PEPE is up 17% in the latest trading hours. However, it remains down 37% from its all-time high of $0.0000171 reached in May. Despite this decline, Hayes’s endorsement seems to be a catalyst for continued investor interest.
Support For Mog Coin And The Mother Iggy Token
Hayes’s involvement in the memecoin space extends beyond PEPE. He has also shown support for two other tokens: Mog Coin (MOG) and the Mother Iggy (MOTHER) token, which is associated with Australian singer Iggy Azalea and built on the Solana blockchain.
While Lookonchain has not confirmed whether Hayes invested in these tokens as he did with PEPE, his endorsement has already had a positive impact on MOG’s price. MOG is currently trading at $0.00000165—a gain of over 10% following Hayes’s announcement.
MOG has recorded a colossal year-to-date surge of 10,398%, along with a 5.70% increase in trading volume. Despite these gains, it remains 32% below its peak of $0.0000024 reached in July.
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Conversely, the MOTHER token has struggled to maintain momentum, trading down nearly 14% in the past 24 hours. However, it has seen substantial gains of 75% over the last week and 176% in the past two weeks, indicating that it remains an asset of interest despite recent volatility.
Overall, Hayes’s support for the memecoin sector highlights the traction that this part of the market has gained, particularly over the past year. It has outperformed some of the largest cryptocurrencies on the market by a clear margin.
Conclusion
Arthur Hayes’s recent investments in the memecoin sector, particularly in PEPE, have significantly influenced market dynamics. His endorsement has sparked renewed interest and trading activity in these tokens. As the cryptocurrency market continues to evolve, Hayes’s strategic moves and the resulting market reactions underscore the growing importance and potential of memecoins.
