Altcoin
Arthur Hayes Continues To Accumulate Meme Coins, Here’s Why
Arthur Hayes, the co-founder of the BitMEX crypto exchange, has been accumulating meme coins this past week. The crypto founder revealed that he is trying to create a meme coin portfolio ahead of ‘Uptober,’ while asking his followers to recommend coins for him to buy. So far, Hayes has mostly bought Solana coins, although Ethereum-based Pepe (PEPE) is his major meme holding.
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.
Therefore, Hayes believes that these coins are only likely to keep rising seeing as the current outlook in the market is bullish heading into October. He revealed memes that he already bought while asking his followers to shill him some of their best ones.
According to him, he already owns Solana’s meme coins, MOTHER and MOG, and Ethereum’s PEPE, which is the third-largest meme by market cap. SpotOnChain data shows that he currently holds 24 billion PEPE tokens. The other coins look to be held in an undisclosed wallet.
In another X post, Hayes revealed that he had also bought Smoking Chicken Fish (SCF), another Solana coin. Meanwhile, he 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 a billion market cap.
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 that turned $1,300 into $12.45 million with Moo Deng, which just launched seventeen days ago on the Solana chain.
The foremost 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 cap, have recorded larger gains, rising 35% and 32%, respectively, during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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