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.

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 Market 

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.

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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