Arthur Hayes, the founder of BitMEX, made a splash in the memecoin market just days ago, investing a hefty $500,000 in two trending tokens, $PEPE and $MOG.
However, the move has proven costly.
Arthur Hayes, the founder of @BitMEX, made a bold move into the meme coin world just a few days ago, splashing $500K on two trending tokens— $PEPE and $MOG.
READ the STORY here 👇https://t.co/i27s4xal4e pic.twitter.com/PA4z5zYg8t
— EyeOnChain (@EyeOnChain) October 3, 2024
On September 27, Hayes invested $250,000 each into $PEPE and $MOG after publicly showing his support for these tokens, alongside another meme coin, MOTHER.
In total, he acquired 24.39 billion $PEPE (worth $230,000) and 167.5 billion $MOG (valued at $223,000).
Hayes Takes Significant Loss In Just 6 Days Of Entering The MarketÂ
Despite his initial optimism, Hayes has since deposited all of his holdings in these tokens back onto the Binance and Bybit exchanges—at a loss.
If he sold the tokens at current prices, it would mark a total loss of $47,000, or 9.4% of his original $500,000 investment, just six days after entering the market.
Arthur Hayes already accepted a $47K loss from two memecoins $PEPE and $MOG after 6 days!
6 hours ago, @CryptoHayes deposited all 24.39B $PEPE ($230K) and 167.5B $MOG ($223K) back to #Binance and #Bybit.
Notably, he spent $500K in total on those tokens just on Sep 27, after… https://t.co/IMxEPYZ0LY pic.twitter.com/v2hBWrf8Yd
— Spot On Chain (@spotonchain) October 3, 2024
While Hayes’ foray into memecoins may not have paid off this time, his actions signal that even prominent figures in the crypto space are increasingly drawn to the high-risk, high-reward world of meme tokens.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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