Bitmex Co-Founder Arthur Hayes Loses $47K On Meme Coin Investments After Predicting Upside

Analytics platform Spot On Chain shows a $47,000 loss from his investments in Pepe PEPE/USD and Mog Coin MOG/USD.

Bitmex co-founder and crypto influencer Arthur Hayes (pic:decrypt.co)

Realized a five-figure loss on several meme coins just a few days after predicting more meme coin upside.

What Happened: Analytics platform Spot On Chain shows a $47,000 loss from his investments in Pepe (PEPE/USD) and Mog Coin (MOG/USD). The Bitcoin bull had initially invested a total of $500,000 in these tokens on Sep. 27.

His tweet read that it is the time for a “meme coin breakout.” Pepe, Mog and Mother have since dropped 12%, 18% and 43%, respectively.

It's time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can't neglect $PEPE.

Yachtzee Bitches!??????

Currently, Hayes has deposited all of his 24.39 billion PEPE, worth $230,000, and 167.5 billion MOG, valued at $223,000, back to Binance and Bybit.

See More: Best Cryptocurrency Scanners

Why It Matters: The significant loss experienced by Hayes is a testament to the inherent risk involved in cryptocurrency investments, especially in meme coins. Despite Hayes’ substantial investment and public endorsement, the value of these tokens dropped significantly within a week, leading to a substantial loss.

Despite prices dropping 12% over the past seven days, crypto trader Scient believes Pepe has now entered the buy zone, although he adds that his idea could be wrong.

What’s Next: The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

The above is the detailed content of Bitmex Co-Founder Arthur Hayes Loses $47K On Meme Coin Investments After Predicting Upside. For more information, please follow other related articles on the PHP Chinese website!