Former BitMEX CEO Arthur Hayes Makes Waves in the Memecoin Market

Arthur Hayes, the former Chief Executive Officer (CEO) of BitMEX, one of the most popular cryptocurrency trading platforms, is making waves in the memecoin market.

Former BitMEX CEO Arthur Hayes recently made headlines with a $250,000 investment in memecoin PEPE. This move, highlighted by on-chain analytics platform Lookonchain, saw Hayes acquire around 24.39 billion PEPE tokens on Binance.

According to CoinGecko, PEPE's price surged following Hayes's investment, reaching a three-month high of $0.0000109. The memecoin also experienced a notable rise in trading volume, with a total turnover of nearly $2.5 billion.

This investment aligns with a broader trend in the crypto market, with increasing trading activity and investor interest. The recent US Federal Reserve decision to cut interest rates on September 18 has contributed to a favorable environment for cryptocurrencies.

At the time of writing, PEPE trades at $0.0000107, up around 17% in the past 24 hours. While the token still remains about 37% below its all-time high of $0.0000171, Hayes's investment is expected to sustain investor interest in the memecoin.

Hayes's involvement with memecoins, however, extends beyond PEPE. His support also encompasses other tokens, including Mog Coin (MOG) and the Mother Iggy (MOTHER) token, which is linked to Australian singer Iggy Azalea and built on the Solana blockchain.

While it is not confirmed whether Hayes directly invested in MOG and MOTHER, his endorsement has impacted the price of the former. Currently trading at $0.00000165, MOG has risen by over 10% following Hayes's announcement.

In addition to a massive year-to-date surge of 10,398%, MOG's trading volume also increased by 5.70%. However, the token is still around 32% below its peak of $0.0000024, reached in July.

On the other hand, the MOTHER token's performance fluctuated. It slipped nearly 14% in the past 24 hours, yet remained in traders' sights with substantial gains of 75% and 176% over the last week and fortnight, respectively.

Hayes's support for memecoins brought attention to this segment of the crypto market, which has outperformed many of the leading cryptocurrencies over the past year. With such high-profile investments, memecoins continue to pique traders' interest.

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