Arthur Hayes, co-founder of BitMEX and known for his bold moves in the world of memecoins, has recently experienced a significant loss on his latest trades.
After investing in PEPE and MOG, he seems to have accepted a loss of around $47,000 in just six days as the meme coin market struggles.
A quick exit from meme investments
Hayes had made investments in PEPE and MOG after selling off his previous position in Aethir (ATH) and even took a chance on another token called MOTHER.
According to data from Spot On Chain, the total market cap for memecoins has dropped more than 4% in the last 24 hours, now standing at $45.05 billion.
During this time, both PEPE and MOG saw their prices fall by about 10%. Hayes purchased 24.39 billion PEPE tokens for approximately $252,500 on September 27 and acquired 167.5 billion MOG tokens worth around $244,700 just a day earlier.
In total, he invested nearly half a million dollars into these popular memecoins.
Risk business
Reports indicate that Hayes deposited all his PEPE and MOG tokens back to Binance and Bybit, with values of about $230,000 and $223,000 respectively.
Despite the recent downturn, PEPE’s price is still up by 21% over the past month, although it has dropped 10% in the last day.
Currently, PEPE is trading at an average price of $0.00000921 with a trading volume that has decreased by 34% to $1.18 billion.
Future prospects for Hayes and memecoins
MOG has also shown strong performance over the past month with a gain of 47%, despite its recent 10% decline. Year-to-date, MOG has skyrocketed by an impressive 3,388%.
It is currently trading at an average price of $0.00000139 with a trading volume of $19.4 million.
Earlier, Hayes expressed optimism about the meme coin market by stating that “We’re on the brink of a meme coin breakout.”
He made some bold investments but now faces challenges as major memecoins struggle while Bitcoin (BTC) attempts to regain the $62,000 mark. In a show of support for MOTHER, Hayes even tweeted to Iggy Azalea, asking if she could be his “mother.”
Unfortunately, MOTHER’s price has dropped over 30% in the past week with its trading volume down by 22%, currently sitting at $15 million.
