In a bold move today, Arthur Hayes, the co-founder and former CEO of popular crypto exchange BitMEX, made headlines with a significant investment in crypto meme tokens, further solidifying his belief in the speculative crypto sector.
Hayes shared earlier that he is optimistic about the future performance of meme tokens, a class of highly volatile cryptocurrencies that have gained immense popularity among crypto enthusiasts and traders. Shortly after his tweet on the X platform, he purchased $250,000 worth of PEPE through the Binance crypto exchange.
Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE!
On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago.
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0x6cd66dbdfe289ab83d7311b668ada83a12447e21 pic.twitter.com/MC9ZPF2Eg4— Lookonchain (@lookonchain) September 27, 2024
In addition to buying PEPE, the BitMEX co-founder also increased his position in ATH, another crypto token. He bought an additional 23.48 million ATH tokens, valued at approximately $1.5 million. This brings his total investment in ATH to around $7.5 million since he began accumulating the cryptocurrency on 15 Aug. As per on-chain data, Hayes has been purchasing ATH at an average price of $0.0645.
Memecoin Trend
However, meme coins are not considered better investment assets for the long term, but currently, the crypto market is active with a large number of meme tokens trend.
In February of this year, meme tokens started to gain popularity, and thousands of meme tokens emerged on the Solana blockchain network.
For example, PEPE, which is inspired by the internet meme “Pepe the Frog,” gained massive traction in the crypto world shortly after its launch, even though it has little to no utility beyond its entertainment value.
This year, the majority of crypto influencers either launched their own meme token or promoted and backed tokens that were essentially useless. Because of the inflow of capital into meme tokens, the trade prices of top flagship crypto assets struggled significantly in terms of price increases and money inflow.
Read also: Bitcoin Soars to $65K: $70K coming! as Binance Co-Founder CZ Prepares for Release!
Arthur Hayes Bets Big on Memecoin: Buys $250,000 Worth of PEPE, Invests Millions in ATH
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