Arthur Hayes, co-founder and former CEO of cryptocurrency trading platform BitMEX, recently made headlines with significant investments in the memecoin sector, especially through his notable purchase of Pepe (PEPE).
Hayes’ optimism regarding memecoins, expressed in a recent social media posts on X (formerly Twitter), it coincided with a significant increase in the value of PEPE, reflecting a broader resurgence of interest in the crypto market.
PEPE price soars after Hayes investment
Lookonchain on-chain analytics platform revealed that 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 experiencing a remarkable upward trajectory, reaching its highest price in almost three months, at US$0.0000109.
CoinGecko data shows that the token has recorded impressive gains of 34%, 45% and 38% in the last week, two weeks and month respectively. PEPE’s recent price movements are further supported by a substantial increase in trading volume, which increased by 41% in the last 48 hours to almost $2.5 billion.
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This increase in trading activity is indicative of greater investor interest, likely fueled by bullish sentiment following the US Federal Reserve’s decision. decision to cut interest rates on September 18, which provided a favorable environment for several cryptocurrencies, including the memecoin sector.
Currently trading at US$0.0000107, PEPE rose 17% in the last hours of trading. However, it remains 37% below its all-time high of $0.0000171 reached in May. Despite this decline, Hayes’ endorsement appears to be a catalyst for the continued interest of investors.
Support for Mog Coin and Mother Iggy Token
Hayes’ involvement in the memecoin space goes beyond PEPE. He also showed support for two other tokens: Mog Coin (MOG) and the Mother Iggy (MOTHER) token, associated with 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 over 10% following the announcement of Hayes.
MOG has recorded a whopping 10,398% year-to-date increase along with a 5.70% increase in turnover. Despite these gains, it remains 32% below the peak of $0.0000024 reached in July.
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On the other hand, the MOTHER Token has struggled to maintain momentum, falling nearly 14% in the last 24 hours. However, it recorded substantial gains of 75% in the last week and 176% in the last two weeks, signaling that it remains an asset of interest despite recent volatility.
Overall, Haye’s support for memecoin sector shows the strength this part of the market in particular has gained over the past year, outperforming the market’s biggest cryptocurrencies by a clear margin.
Featured image of DALL-E, chart from TradingView.com
