Arthur Hayes, Former BitMEX CEO, Makes Headlines with Significant Investments in the Memecoin Sector

Arthur Hayes, co-founder and former CEO of the cryptocurrency trading platform BitMEX, has recently made headlines with significant investments in the memecoin

Cryptocurrency trading platform BitMEX co-founder and former CEO Arthur Hayes has made a significant investment in the memecoin Pepe (PEPE), valued at around $250,000, according to on-chain analytics platform Lookonchain.

Hayes' involvement in the memecoin space also includes support for Mog Coin (MOG) and the Mother Iggy (MOTHER) token, linked to Australian singer Iggy Azalea. While there's no confirmation yet on whether he personally invested in MOG, his endorsement has impacted its price movements.

Pepe Coin Price Analysis

The recent purchase of 24.39 billion PEPE tokens on Binance is part of a broader uptick in interest for the memecoin, which has seen its highest price in nearly three months.

CoinGecko data reveals that PEPE has recorded gains of 34%, 45%, and 38% over the past week, two weeks, and month, respectively. These price movements are further supported by a substantial increase in trading volume, which surged by 41% in the last 48 hours to nearly $2.5 billion.

PEPE's price movements follow the US Federal Reserve's decision to cut interest rates on September 18, which has had a favorable impact on various cryptocurrencies, including memecoins. At the time of writing, PEPE is trading at $0.0000107, up 17% in the latest trading hours.

However, it's still down 37% from its all-time high of $0.0000171 reached in May. Despite this decline, Hayes's endorsement appears to be a catalyst for continued investor interest in the memecoin.

Mog Coin, Mother Iggy Token Rally on Hayes Support

Hayes has expressed support for two other memecoins: Mog Coin (MOG) and the Mother Iggy (MOTHER) token, which is associated with Australian singer Iggy Azalea and built on the Solana blockchain.

While Lookonchain has not confirmed whether Hayes invested in these tokens as he did with PEPE, his endorsement has already positively impacted MOG's price, which is currently trading at $0.00000165—a gain of over 10% following Hayes's announcement.

MOG has recorded a colossal year-to-date surge of 10,398%, alongside a 5.70% increase in trading volume. Despite these gains, it remains 32% below its peak of $0.0000024 reached in July.

On the other hand, the MOTHER token trades down nearly 14% in the past 24 hours. However, it has seen substantial gains of 75% over the last week and 176% in the past two weeks, signaling that it remains an asset of interest despite recent volatility.

Memecoins Outperform Broad Crypto Market YTD

Overall, Hayes' support for the memecoin sector shows the traction that this part of the market has gained over the past year in particular, outperforming the largest cryptocurrencies on the market by a clear margin.

While the total cryptocurrency market capitalization is up around 30% for the year to date, memecoins have surged over 100% on average during the same period.

At the time of writing, the total crypto market cap stands at $980 billion, while memecoins have a combined market capitalization of around $22 billion.

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