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- Arthur Hayes invests $250,000 in PEPE, showcasing his confidence in memecoin potential.
- Hayes sees memecoins driving real value and new users to the blockchain sector.
Arthur Hayes, the former CEO of BitMEX, recently made a large investment in the memecoin market, demonstrating his confidence in its future. According to Lookonchain, he spent $252,68K in the PEPE token via Binance, demonstrating his belief in memecoins development prospects.
But his attention did not end there. Hayes also purchased a substantial amount of ATH tokens, totaling $7.5 million since August 15 at an average price of $0.0645 per token. This action demonstrates his willingness to pursue chances in the emerging memecoin sector.
Arthur Hayes(@CryptoHayes) is calling for #MEMEcoins $MOTHER, $MOG and $PEPE!
On-chain data shows that he withdrew 24.39B $PEPE($252.68K) from #Binance 20 minutes ago.
Address:
0x6cd66dbdfe289ab83d7311b668ada83a12447e21 pic.twitter.com/MC9ZPF2Eg4— Lookonchain (@lookonchain) September 27, 2024
Hayes Investment Fuels Memecoin Market Surge
Hayes sent $1 million in USDC to Binance and purchased 24.39 billion PEPE tokens for $252,680. In addition, he transferred 8 million MOG tokens worth $12.72 to his crypto wallet. These acts had consequences, as Hayes’ investments contributed to a considerable surge in memecoin prices.
PEPE surged 18%, reaching $0.00001071, while MOG increased 10% in the last 24 hours. However, not all memecoins followed suit, with MOTHER declining by 3% after earlier rising 70% in a single week.
This rise in memecoin activity is part of a larger favorable trend in the cryptocurrency industry. In the last 24 hours, the global crypto market cap has increased by 2.85%, reaching US$2.31 trillion.
Bitcoin contributed to this upward trend by surpassing the US$65,500 mark, which aided the expansion of PEPE and other memecoins. This positive climate suggests a renewed interest in speculative crypto assets, with Hayes’ actions supporting their potential.
Hayes remains enthusiastic about memecoins impact on the overall blockchain ecosystem. He feels that memecoins have the potential to provide substantial value to the industry by attracting attention and new users.
Blockchains that actively foster the memecoin culture, such as Ethereum and Solana, may benefit significantly from this movement. This viewpoint emphasizes the potential for memecoins to act as a doorway, attracting new people to the crypto realm.
Furthermore, the engagement of significant personalities such as Hayes suggests that memecoins will soon be an important component of crypto investment portfolios. The potential expansion of these assets in the next few months is apparent, particularly if the current trend continues.
Notably, CNF earlier reported that PEPE is consolidating within a bullish symmetrical triangle pattern, pointing to a probable 300% rise in Q4. As of now, PEPE has broken out of this pattern, indicating that the bullish advance may still have significant momentum.
Meanwhile, PEPE is currently trading about $0.0000109, representing a spectacular 33.87% rise over the last seven days. This spike has increased its market cap to more than $4.5 billion.
