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Arthur Hayes, the founder and former CEO of the cryptocurrency trading platform BitMEX, recently made headlines with significant investments in the memecoin sector, especially with his notable purchase of Pepe (PEPE).
Hayes’ hope for memecoins, which was revealed recently social media posts on X (formerly Twitter), accompanied by a significant increase in the value of PEPE, indicating a broad resurgence of interest within the crypto market.
PEPE Price Rises Following Hayes’ Investment
On-chain analytics platform Lookonchain it was revealed that Hayes invested $250,000 in PEPE by buying about 24.39 billion tokens on Binance on Friday. This investment comes as PEPE is experiencing a significant rally, reaching its highest value in nearly three months at $0.0000109.
CoinGecko data shows that the token recorded impressive gains of 34%, 45%, and 38% in the last week, two weeks, and month, respectively. The recent price movement of PEPE is also supported by a significant increase in trading volume, which has increased by 41% in the last 48 hours to approximately $2.5 billion.
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This increase in trading activity is an indication of growing investor interest, which may be fueled by the US Federal Reserve’s rising sentiment. decision reducing interest on September 18, which has provided a favorable environment for various crypto currencies, including the memecoin sector.
Currently trading at $0.0000107, PEPE is up 17% in recent trading hours. However, it remains down 37% from its all-time high of $0.0000171 reached in May. Despite this decline, Hayes’ approval appears to be a the catalyst with continued investor interest.
Supporting Mog Coin And Mother Iggy Token
Hayes’ involvement in the memecoin space extends beyond PEPE. He also showed support for two other tokens: Mog Coin (MOG) and Mother Iggy token (MOTHER), associated with Australian singer Iggy Azalea and built on Solana. blockchain.
Although Lookonchain has not confirmed that Hayes has invested in these tokens as he did with PEPE, his endorsement has already had a positive effect on the price of MOG, currently trading at $0.00000165—a gain of more than 10% following Hayes’ announcement.
MOG recorded the largest year-to-date increase of 10,398%, as well as an increase in trading volume of 5.70%. Despite these gains, it remains 32% below the $0.0000024 peak reached in July.
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On the contrary, i MOM is a token has struggled to maintain momentum, trading down nearly 14% in the past 24 hours. However, it has seen massive gains of 75% in the past week and 176% in the past two weeks, indicating that it remains a profitable asset despite recent volatility.
Overall, Haye’s support for memecoin sector shows the traction achieved by this segment of the market in the last year in particular, surpassing the largest cryptocurrencies in the market by a clear margin.
Featured image from DALL-E, chart from TradingView.com