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TLDR
Arthur Hayes invested $250,000 in PEPE, buying 24.39 billion tokens on Binance
PEPE reached a 3-month high of $0.0000109, with significant gains over the past month
PEPE’s trading volume surged 41% to $2.5 billion in 48 hours
Hayes also expressed support for Mog Coin (MOG) and Mother Iggy (MOTHER) token
The memecoin sector is showing renewed investor interest and price momentum
Former BitMEX CEO Arthur Hayes has made a significant investment in the memecoin sector, purchasing $250,000 worth of PEPE tokens. This move comes as PEPE and other memecoins experience a surge in value and trading volume.
On-chain analytics platform Lookonchain reported that Hayes bought approximately 24.39 billion PEPE tokens on Binance last Friday. This investment coincides with PEPE reaching its highest price in nearly three months, trading at $0.0000109.
PEPE has seen impressive gains recently. According to data from CoinGecko, the token has increased by 34% over the past week, 45% over two weeks, and 38% over the past month. The token’s trading volume has also spiked, rising 41% in the last 48 hours to reach nearly $2.5 billion.
Pepe Price on CoinGecko
This increased trading activity suggests growing investor interest in PEPE and the broader memecoin sector. The favorable market conditions may be partly due to the US Federal Reserve’s decision to cut interest rates on September 18, which has created a positive environment for many cryptocurrencies.
As of the latest trading hours, PEPE is up 17%, trading at $0.0000107. However, it remains 37% below its all-time high of $0.0000171, which was reached in May. Despite this, Hayes’s endorsement appears to be fueling continued investor interest in the token.
Hayes’s involvement in the memecoin space extends beyond PEPE. He has also expressed support for two other tokens: Mog Coin (MOG) and the Mother Iggy (MOTHER) token. The latter is associated with Australian singer Iggy Azalea and is built on the Solana blockchain.
While Lookonchain has not confirmed whether Hayes invested in these tokens as he did with PEPE, his endorsement has already had a positive impact on MOG’s price. MOG is currently trading at $0.00000165, a gain of over 10% following Hayes’s announcement.
The token has seen a massive year-to-date surge of 10,398%, along with a 5.70% increase in trading volume. However, it remains 32% below its peak of $0.0000024, which it reached in July.
The MOTHER token, on the other hand, has faced some challenges in maintaining its momentum. It is currently trading down nearly 14% in the past 24 hours.
However, it has still recorded substantial gains of 75% over the last week and 176% in the past two weeks, indicating that it remains an asset of interest despite recent volatility.
Hayes’s investment in PEPE and his support for other memecoins highlight the growing traction this sector has gained over the past year.
Memecoins have often outperformed larger, more established cryptocurrencies, attracting both retail and institutional investors seeking high-risk, high-reward opportunities.
The post Arthur Hayes Invests $250,000 in PEPE as Memecoin Market Surges appeared first on Blockonomi.
Nermeen Nabil Khear