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Cryptocurrency News Articles
Arthur Hayes' $250K PEPE Buy Sends Memecoin Market into a Frenzy
Sep 29, 2024 at 02:25 am
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, has recently made waves in the memecoin market. Hayes has publicly endorsed some tokens
Cryptocurrency exchange BitMEX co-founder Arthur Hayes has thrown his support behind some memecoins, expressing optimism for their potential to surge in value. Hayes, who is known for his bold statements in the crypto industry, has recently shared his picks.
Hayes took to Twitter on September 27 to share his picks, mentioning Pepe (PEPE), Mog Coin (MOG), and Mother Iggy (MOTHER). This support was further evident with a large purchase of PEPE tokens on Binance. According to blockchain analytics, Hayes withdrew 24.39 billion PEPE tokens from Binance, which were valued at around $250,000 at the time of the transaction. Some memecoins that Hayes has held in the past have come into the spotlight once again.
Hayes has called for attention to memecoins in the past, urging investors to pay attention to these tokens. He has stated that these tokens can be used to bring new users into the fold and generate a lot of attention, especially for blockchains that are embracing the memecoin trend, such as Ethereum and Solana.
Price Surges Amid High Trading Volume
After Hayes' acquisition of PEPE tokens, the token has seen a surge in value in the market. On September 27, PEPE price spiked by 16%, reaching a price of $0.00001077. This marked the highest level for the token since early August.
PEPE's rally also contributed to a surge in market capitalization, which rose to $57.8 billion with a 22.5% increase.
The rally was not just driven by Hayes' public statement but also by a high volume of trading activities in both the spot and derivatives markets. PEPE's spot trading volume soared past the $2.4 billion mark. The derivatives markets were even more active, with a 53% surge in trading volume over the last 24 hours.
At the same time, the Open Interest (OI) of PEPE derivatives also saw a 20% increase. This is a positive sign that reflects speculation and traders' interest. These factors, among others, led to the token surging by 35% over the past week.
Memecoin Popularity Gains Steam
Hayes' endorsement comes at a time when memecoins are making a comeback in the cryptocurrency market. Tokens that were largely ignored in the past, such as PEPE and MOG, which are typically deemed to have no real-world use, are now gaining support from prominent figures in the crypto industry.
Hayes has previously stated that he believes memecoins can be useful in the sector, as they can attract attention and build a community. In his recent posts, Hayes jokingly professed his dedication to PEPE, stating,
It's time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can't neglect $PEPE. Yachtzee Bitches!
This statement was backed up by a large investment, which supported his stance on the future prospects of these tokens.
Another token of Hayes' choice, Mog Coin, has the same total supply as PEPE, which is 420.69 trillion tokens. New listings on Bybit and KuCoin exchanges have helped the cat-themed MOG token strengthen its position in the market.
PEPE Price Outlook: Resistance, Support Levels
PEPE's recent price surge has attracted the attention of traders and investors. The token's next major resistance level is set at $0.000014. If the bullish rally continues, this will be the next target.
As PEPE continues to climb, the token has put 79% of its investors in the green zone, while only 13% remain in the red zone.
However, technical analysis reveals that the RSI is overbought at the current level of 87, indicating that buyers are in control of the market. From this level, a temporary reversal is possible due to traders taking profits.
On the other hand, the Moving Average Convergence Divergence (MACD) is still in the positive region, supporting the bullish trend. If PEPE price fails to maintain this support level, a potential decline to $0.00000668 or $0.00000596 could be possible.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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