Why Arthur Hayes Is Accumulating Meme Coins
Arthur Hayes, the co-founder of BitMEX, has been accumulating meme coins over the past week. The cryptocurrency founder revealed that he is creating a portfolio of meme coins ahead of ‘Uptober’, which refers to October, historically being a bullish month for Bitcoin and the broader crypto market. Before now, Arthur Hayes recommended trading these coins as Bitcoin was holding up well.
The BitMEX co-founder stated that he believes these coins are only likely to continue rising, given the current bullish outlook in the market heading into October. He shared memes that he already bought while asking his followers to recommend some of their best ones.
According to reports, Arthur Hayes already owns Solana’s meme coins, MOTHER and MOG, as well as Ethereum’s PEPE, which is the third-largest meme by market capitalization. SpotOnChain data shows that he currently holds 24 billion PEPE tokens. The other coins are believed to be held in an undisclosed wallet.
In another post, Hayes revealed that he had also bought Smoking Chicken Fish (SCF), another Solana coin. He also hinted that he bought Ponke (PONKE), too. Besides PEPE, the MOTHER coin is believed to be one of the crypto founder’s largest meme holdings. He earlier mentioned doubling down on his position in the coin that Australian Rapper Iggy Azalea created. He stated that the coin is going to reach a billion market capitalization.
Meme Coins Are Again in the Spotlight
These altcoins are again in the spotlight, especially considering the attention they are gaining from crypto investors like Arthur Hayes. Thanks to Bitcoin’s rally, these coins have also been enjoying significant rallies of their own and even making life-changing gains for investors. CoinGape recently reported about a crypto investor who turned $1,300 into $12.45 million with Moo Deng, which just launched 17 days ago on the Solana chain.
The top meme coins have also recorded significant gains in the last seven days. Dogecoin has rallied 16% in one week amid Elon Musk’s support. Shiba Inu and PEPE, the second and third-largest memes by market capitalization, have recorded larger gains, rising 35% and 32%, respectively, during this period.
Conclusion
In conclusion, Arthur Hayes’s accumulation of meme coins highlights the growing interest in this niche of the cryptocurrency market. As the market outlook remains bullish, it will be interesting to see which meme coins continue to outperform and potentially make investors rich.
FAQs
Q: What are meme coins?
A: Meme coins are cryptocurrencies that are often created with a humorous or satirical purpose, but have become popular among investors.
Q: Why is Arthur Hayes accumulating meme coins?
A: Arthur Hayes believes that meme coins are likely to continue rising in value given the current bullish outlook in the market.
Q: Which meme coins has Arthur Hayes bought?
A: According to reports, Arthur Hayes has bought Solana’s MOTHER and MOG, as well as Ethereum’s PEPE. He has also hinted that he bought Smoking Chicken Fish (SCF) and Ponke (PONKE).
Q: Is it a good idea to invest in meme coins?
A: As with any investment, it’s important to do your own research and consider your own financial goals and risk tolerance before investing in meme coins or any other cryptocurrency.
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