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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, most notably through his notable purchase of Pepe (PEPE).
Hayes’ optimism regarding memecoins, expressed in a recent publication message on social media on
PEPE price rises after Hayes’ investment
On-chain analytics platform Lookonchain revealed that Hayes invested $250,000 in PEPE by purchasing approximately 24.39 billion tokens on Binance on Friday. This investment comes as PEPE is on a remarkable upward trajectory, reaching its highest price in almost three months at $0.0000109.
Coin gecko facts shows that the token has posted impressive gains of 34%, 45% and 38% in the past week, two weeks and months respectively. PEPE’s recent price movements are further supported by a substantial increase in trading volume, which has increased by 41% to almost $2.5 billion over the past 48 hours.
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This uptick in trading activity is indicative of increased investor interest, likely fueled by bullish sentiment following the US Federal Reserve. decision to cut interest rates on September 18, which has created a favorable environment for several cryptocurrencies, including the memecoin sector.
PEPE is currently trading at $0.0000107 and is up 17% in the last few hours of trading. However, it remains 37% lower than the all-time high of $0.0000171 reached in May. Despite this decline, Hayes’ approval appears to be one catalyst for continued investor interest.
Support for Mog Coin and the Mother Iggy Token
Hayes’ involvement in the memecoin world extends beyond PEPE. He has also expressed support for two other tokens: Mog Coin (MOG) and the Mother Iggy (MOTHER) token, associated with Australian singer Iggy Azalea and built on the Solana. blockchain.
While Lookonchain has not confirmed whether Hayes has invested in these tokens as he did with PEPE, his endorsement has already had a positive impact on MOG’s price, which is currently trading at $0.00000165 – a gain of more than 10% after Hayes’ announcement.
MOG has registered a colossal increase of 10,398% this year, in addition to a 5.70% increase in trading volume. Despite these gains, the price remains 32% below the peak of $0.0000024 reached in July.
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Conversely, the MOTHER sign has struggled to maintain momentum and is down nearly 14% in the past 24 hours. However, the stock has made significant gains of 75% in the past week and 176% in the past two weeks, indicating that the stock is still interesting despite recent volatility.
Overall, Haye’s support for the memecoin sector shows the traction this part of the market has gained especially over the past year, outperforming the largest cryptocurrencies on the market by a clear margin.
Featured image of DALL-E, chart from TradingView.com