YEREVAN (CoinChapter.com) — Arthur Hayes, co-founder of BitMEX, has been making headlines after incurring a $47,000 loss buying and selling PEPE and MOG. On September 27, 2024, Hayes invested $500,000 into these two meme cash, hoping for a rally. Nonetheless, the market rapidly turned in opposition to him. He deposited 24.39 billion PEPE and 167.5 billion MOG again to exchanges inside six days, marking a considerable loss.

In keeping with Spot On Chain, Hayes’ withdrawal got here after each PEPE and MOG dropped 10% in simply 24 hours. Regardless of his fast exit, the information reveals that his choice price him $47,000.

Hayes’ Sudden Exit After PEPE and MOG Loss: “Uptober” Gone Incorrect?

The choice to promote his PEPE and MOG holdings could have been influenced by the general market downturn. Crypto markets have been hit arduous by exterior components, and meme cash have been no exception. On-chain knowledge confirmed that Hayes deposited 24.39 billion PEPE, value about $230,000, and 167.5 billion MOG, valued at $223,000, again to Binance and Bybit.

The drop in worth of PEPE and MOG meant that Hayes walked away from this commerce with a major loss. Regardless of his perception in an “Uptober” rally, the meme coin market proved too unstable for even an skilled dealer like him.

PEPE and MOG’s Market Struggles

PEPE and MOG have seen important price fluctuations in latest months. On the time of writing, PEPE is buying and selling at $0.00000921, exhibiting a 21% acquire during the last 30 days. Nonetheless, it suffered a ten% decline within the final 24 hours, with its 24-hour buying and selling quantity additionally down 34%, standing at $1.18 billion.

MOG has been equally unstable. Though it gained 47% within the final 30 days, it additionally dropped 10% previously 24 hours. It’s presently buying and selling at $0.00000139, with a 24-hour buying and selling quantity of $19.4 million.

Arthur Hayes’ Technique within the Meme Coin Market

Regardless of the losses, Hayes seems to stay dedicated to meme cash. His buying and selling technique, whereas dangerous, aligns together with his earlier investments in initiatives like Aethir (ATH) and his continued curiosity in MOTHER, a meme coin launched by Iggy Azalea.

Hayes has all the time been a daring dealer, prepared to tackle high-risk, high-reward alternatives. Whereas this strategy can yield important earnings, it additionally leaves him uncovered to losses, as seen on this most up-to-date effort.