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Arthur Hayes, co-founder and former CEO of cryptocurrency trading platform BitMEX, has recently made headlines with significant investments in the memecoin sector, particularly through his notable purchase of Pepe (PEPE).
Hayes’ optimism towards meme currencies has been expressed recently Social media sharing On X (formerly Twitter), it coincided with a significant rise in the value of PEPE, reflecting a broader resurgence of interest within the cryptocurrency market.
PEPE price rises after Hayes investment
Lookonchain on-chain analytics platform open Hayes invested $250,000 in PEPE by purchasing approximately 24.39 billion tokens on Binance on Friday. This investment comes at a time when PEPE is on a notable upward trajectory, reaching its highest price in nearly three months at $0.0000109.
Queen Gekko Data It shows that the token has registered impressive gains of 34%, 45%, and 38% over the past week, two weeks, and the past month, respectively. PEPE’s recent price movements are supported by a significant increase in trading volume, which has risen by 41% in the past 48 hours to nearly $2.5 billion.
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This rise in trading activity indicates increased investor interest, likely fueled by bullish sentiment following the US Federal Reserve’s decision. resolution To cut interest rates on September 18, which provided a favorable environment for various cryptocurrencies, including the memecoin sector.
PEPE is currently trading at $0.0000107 and is up 17% in recent trading hours. However, it is still down 37% from the all-time high of $0.0000171 which it reached in May. Despite this pushback, Hayes’ endorsement appears to have been a Catalyst For continued investor interest.
Support for Mog coin and Mother Iggy token
Hayes’ involvement in the memecoin space extends beyond PEPE. It has also shown support for two other tokens: the Mog token (MOG) and the Mother Iggy token (MOTHER), linked to Australian singer Iggy Azalea and built on Solana. blockchain.
While Lookonchain has not confirmed whether Hayes has invested in these tokens as he did with PEPE, his endorsement has already positively impacted the price of MOG, which is currently trading at $0.00000165 – a gain of more than 10% following Hayes’ announcement.
MOG posted a massive year-to-date rise of 10,398%, along with a 5.70% increase in trading volume. Despite these gains, they are still 32% below their July peak of $0.0000024.
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On the contrary, Mother symbol The pair has struggled to maintain momentum, trading down nearly 14% over the past 24 hours. However, it has seen significant gains of 75% over the past week and 176% in the past two weeks, suggesting that it is still an interesting asset despite the recent volatility.
Overall, Haye’s support for The memcoin sector The momentum this part of the market has gained over the past year in particular is evident, outperforming the largest cryptocurrencies on the market by a clear margin.
Featured image of DALL-E, chart from TradingView.com
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