As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find the recent moves by Arthur Hayes, co-founder of BitMEX, particularly intriguing. His decision to accumulate meme coins ahead of ‘Uptober’ is a strategic move that reflects his deep understanding of market trends and cycles.
Over the past week, Arthur Hayes, a co-founder of the BitMEX cryptocurrency exchange, has been stockpiling meme coins. This crypto pioneer disclosed that he’s actively building a collection of meme coins in anticipation of ‘Uptober,’ and he’s soliciting suggestions from his followers about which coins to purchase next. As of now, Hayes has primarily invested in Solana coins, but Ethereum-based Pepe (PEPE) is his principal meme coin investment.
Why Arthur Hayes Is Accumulating Meme Coins
The BitMEX co-founder revealed in an X post that he was creating a portfolio of meme coins considering that it is about to be ‘Uptober,’ in reference to October, which is historically bullish for Bitcoin and the broader crypto market. Before now, Arthur Hayes recommended trading these coins since Bitcoin was holding up well.
Consequently, Hayes feels it’s highly probable that these coins will continue to increase given the optimistic market trend approaching October. He even shared some memes and invited his fans to share their top picks with him.
As an analyst, I’ve uncovered some interesting information regarding meme coin ownership. Specifically, the individual in question is a holder of Solana’s MOTHER and MOG meme coins, as well as Ethereum’s PEPE, which ranks third by market capitalization. The SpotOnChain data indicates that this person currently possesses 24 billion PEPE tokens. However, the whereabouts of their other coins remain undisclosed, residing in a wallet yet to be revealed publicly.
In an earlier social media post, Hayes disclosed his purchase of Smoking Chicken Fish (SCF), another Solana token, along with Ponke (PONKE). It’s speculated that these, along with PEPE, form part of the crypto founder’s substantial meme coin holdings. He had previously expressed his intention to increase his investment in the coin developed by Australian Rapper Iggy Azalea, predicting it would reach a market cap of one billion dollars.
Meme Coins Are Again In The Spotlight
Currently, various altcoins are drawing attention, particularly due to increased interest from crypto investors such as Arthur Hayes. The surge in Bitcoin’s value has also resulted in impressive rallies for these coins, with some providing life-altering returns for investors. For instance, CoinGape highlighted a story about a crypto investor who transformed $1,300 into $12.45 million by investing in Moo Deng, which was just launched on the Solana chain seventeen days ago.
Over the past seven days, popular meme cryptocurrencies have experienced substantial growth. Dogecoin has surged by 16% due to Elon Musk’s backing, while Shiba Inu and PEPE, the two largest memes in terms of market capitalization, have seen even larger increases – Shiba Inu climbing 35%, and PEPE up by 32%.
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2024-09-28 18:07