Arthur Hayes Returns With Meme Coin Bet

BitMEX co-founder Arthur Hayes has sparked market discussions with his recent move after recently scaling down his meme coin investments.

BitMEX co-founder Arthur Hayes has shifted his focus back towards meme coin, making bets on the Solana project Goatseus Maximus (GOAT).

The crypto had a rocky week with soaring tensions between Israel and Iran, prompting Hayes to scale down his meme coin holdings. However, his recent post indicates that he is now shifting his focus towards GOAT due to its connection to AI.

For context, in a recent Blog post, Hayes cautioned against meme coins. He cited that the soaring tensions between Israel and Iran have made him cut his holdings of the risky assets, due to concerns over high market volatility. He stated

As some readers know, I aped into several meme coins. When Iran launched its latest barrage of missiles at Israel, I cut those positions dramatically. My size was too big, given the unpredictability of how crypto assets will react to increased hostilities in the short term. I knew my size was too big because I would have been annoyed if I lost 100% of the money invested in a bunch of joke cryptos.

However, when a user mocked him for backing Goatseus Maximus in his latest post, he confirmed remaining the risk-taker. He described himself as a “Degen” which makes his return to the risk-bet meme coin space.

GOAT Price Rallies 250% In A Week

Arthur Hayes’s bet on Goatseus Maximus comes as the crypto has noted a robust rally recently. The GOAT price has rallied more than 250% in a week while noting a one-day jump of 25% to $0.3573. The crypto has touched a high of $0.3797 in the last 24 hours, while its trading volume fell 7% to $159.1 million.

Notably, the hype over the crypto comes after rumors swirled that the token was launched by an AI bot. The social media buzz suggested that the token was created by Truth Terminal, a platform funded by Andreessen Horowitz.

However, Andy Ayrey, Truth Terminal’s creator, has refuted such claims, saying that the AI bot was just used to promote the token. He said that the platform was not directly involved or utilized to launch the GOAT token.

Despite that, Goatseus Maximus appears to remain on the investors’ radar, as evidenced by its soaring prices. Simultaneously, the massive spike in the crypto’s price has also helped crypto traders to witness significant gains in just few days by trading GOAT token.

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