Bitmex Co-Founder Arthur Hayes Loses $47K On Meme Coin Investments After Predicting Upside
- Patricia ArquetteOriginal
- 2024-10-04 03:24:111062browse
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.
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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.
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