As a seasoned crypto investor with a knack for recognizing promising opportunities, I find myself intrigued by Arthur Hayes’ recent foray into memecoins, particularly his investment in PEPE. His track record of shrewd decisions and ability to spot trends ahead of the curve is nothing short of impressive.
Arthur Hayes, a key figure as co-founder and previous CEO of the digital currency trading site BitMEX, has been drawing attention lately due to substantial investments in the meme coin market. This is especially noticeable with his high-profile acquisition of the memecoin, Pepe (PEPE).
In a recent social media update on platform X, Hayes showed optimism towards memecoins like PEPE, which appears to have mirrored a substantial rise in PEPE’s worth. This upward trend in PEPE’s value could be indicative of a broader renewal of enthusiasm within the cryptocurrency market.
PEPE Price Soars Following Hayes’ Investment
lookonchain’s on-chain analysis has disclosed that Hayes invested 250,000 dollars by acquiring about 24.39 billion PEPE tokens from Binance last Friday. This investment is made as PEPE shows a significant upward trend, reaching its highest price in almost three months at $0.0000109.
According to CoinGecko’s data, the token has experienced significant growth – 34% over the past week, 45% over the past two weeks, and 38% over the last month. Moreover, the upward trend of PEPE is reinforced by a substantial boost in trading volume, which jumped by approximately 41% within the last 48 hours, reaching close to $2.5 billion.
The surge in trading actions suggests increased investor curiosity, possibly stirred up by optimistic feelings arising from the U.S. Federal Reserve’s decision to lower interest rates on September 18th. This move has created a welcoming atmosphere for numerous cryptocurrencies, even extending to memecoins.
As an analyst, I’m observing that PEPE is currently valued at 0.0000107, and it has seen a 17% surge in the recent trading period. However, it’s important to note that this represents a 37% drop from its all-time high of 0.0000171, which was hit back in May. Despite this downtrend, the recent endorsement by Hayes seems to be fueling sustained investor curiosity.
Support For Mog Coin And The Mother Iggy Token
Beyond his engagement with PEPE, Hayes is also actively involved in other memecoins. He has expressed support for two additional tokens: Mog Coin (MOG) and the Mother Iggy (MOTHER) token. The latter is connected to Australian singer Iggy Azalea and operates on the Solana blockchain.
Although Lookonchain hasn’t verified if Hayes purchased these tokens like he did with PEPE, his endorsement has already boosted MOG‘s price significantly. At the moment, MOG is trading at $0.00000165 – a jump of more than 10% since Hayes made his announcement.
MOG has experienced an astounding year-to-date rise of approximately 10,398%, coupled with a 5.70% uptick in trading activity. However, despite these impressive gains, it is still 32% short of its peak price of $0.0000024 achieved in July.
Instead, the MOTHER token has faced difficulties sustaining its pace, dropping by about 14% in the last 24 hours. Yet, it has experienced significant increases of 75% within the last week and a staggering 176% over the previous fortnight, suggesting that it continues to attract attention despite recent market fluctuations.
In summary, Haye’s backing of memecoins highlights the significant momentum this segment of the market has experienced in recent times, notably surpassing the leading cryptocurrencies in the market by a substantial distance over the past year.
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2024-09-30 01:16