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Arthur Hayes, the founder of BitMEX, continues to make headlines with his ongoing buying spree, which is seen as part of a strategic portfolio shift.
Arthur Hayes, the enigmatic founder of BitMEX, has shifted his crypto portfolio once again, moving away from PENDLE and toward decentralized physical infrastructure networks (DePin) and meme coins.
As part of his strategy, Hayes has begun buying meme coins, revealing his choices in a Friday tweet. Among them are Iggy Azalea's MOTHER, cat-themed culture coin MOG, and PEPE, a token inspired by the popular internet meme.
"It's time for a memecoin breakout. I respect my MOTHER, I MOG like no one else, but I can't neglect PEPE," Hayes wrote.
According to Blockchain analytics platform Spotonchain, Hayes' transactions included a purchase of 24.39 billion PEPE, valued at $252,000. Such large-volume transactions by prominent figures in the crypto market often attract attention and may influence traders' decisions.
"After ATH, Arthur Hayes turns to accumulate memecoin PEPE! In the past 2 hours, Arthur Hayes deposited 1 million USDC to Binance and withdrew back 24.39B PEPE ($252,000) to wallet 0x6cd for the first time," Spotonchain reported.
As reported by BeInCrypto, Hayes recently shifted focus away from PENDLE to ATH, making it his second-largest holding after Ethereum. With these portfolio adjustments, the BitMEX executive appears to be pivoting toward both the DePIN and meme coin narratives.
Amidst Hayes' latest purchase, the PEPE token has increased by over 18% since Friday's session started, trading for $0.00001069 as of this writing.
PEPE isn't the only meme coin surging today. Leading tokens in the sector, including DOGE, SHIB, WIF, FLOKI, and BONK, are also experiencing notable gains, reflecting the current sentiment in the broader market.
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