- Arthur Hayes, the founder of BitMEX, purchased $250,000 worth of PEPE and $250,000 worth of MOG on September 27.
- The value of Hayes’ PEPE and MOG holdings has dropped to $460,000, resulting in a loss of $40,000.
- Hayes remains bullish on meme coins, despite the loss.
Arthur Hayes, the founder of BitMEX, is creating a stir for his investments in meme coins. Hayes recently bought an additional 23.48 million PEPE tokens, valued at over $1.5 million, even though his current meme coin holdings had declined. Despite the loss, Hayes maintains a positive outlook on meme coins.
On September 27, the crypto entrepreneur expressed his optimistic outlook about the future of meme coins and purchased $250,000 worth of PEPE and $250,000 worth of MOG. However, Hayes’ investments did not pan out as per expectations. Today, the value of his PEPE and MOG holdings has dropped to $460,000, resulting in a loss of $40,000. Undeterred by the loss, he remains convinced that meme coins are here to stay and have the potential to generate significant returns.
PEPE, the frog-themed meme coin is making headlines for its high correlation with Ethereum. The token’s 60-day correlation with ETH stood at 0.92, a surge from June’s 0.91. On the other hand, its correlation with Bitcoin stood at 0.84. The reading close to +1, indicates that prices typically move in the same direction or a direct relationship. ETH and PEPE thus exhibit a strong positive correlation.
PEPE: Hayes Sees Meme Coins As the Future
Having said that, Hayes’ investment in PEPE and his vocal support for other meme coins could encourage traders, crypto enthusiasts, and even cautious institutions to invest in these asset classes. With the backing of high-profile investors like Hayes, meme coins, despite their notorious volatility, are gaining traction as potential speculative assets. This trend is particularly likely to accelerate when the overall crypto market, exemplified by Bitcoin’s recent resilience, stabilizes
Arthur Hayes has been a vocal proponent of meme coins for some time now. In August, he tweeted that he was “all-in” on meme coins and that he believed they were the future of finance. It is unclear whether Hayes will continue to invest in meme coins in the future. However, given his bullish stance on the asset class, it is likely that he will remain involved in the space.
