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Cryptocurrency News Articles
Bitmex Co-Founder Arthur Hayes Loses $47K On Meme Coin Investments After Predicting Upside
Oct 04, 2024 at 01:46 am
Analytics platform Spot On Chain shows a $47,000 loss from his investments in Pepe PEPE/USD and Mog Coin MOG/USD.
Bitmex co-founder and crypto influencer Arthur Hayes (pic:decrypt.co)
Realized a five-figure loss on several meme coins just a few days after predicting more meme coin upside.
What Happened: Analytics platform Spot On Chain shows a $47,000 loss from his investments in Pepe (PEPE/USD) and Mog Coin (MOG/USD). The Bitcoin bull had initially invested a total of $500,000 in these tokens on Sep. 27.
His tweet read that it is the time for a “meme coin breakout.” Pepe, Mog and Mother have since dropped 12%, 18% and 43%, respectively.
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!😘😘😘😘😘😘
Currently, Hayes has deposited all of his 24.39 billion PEPE, worth $230,000, and 167.5 billion MOG, valued at $223,000, back to Binance and Bybit.
See More: Best Cryptocurrency Scanners
Why It Matters: The significant loss experienced by Hayes is a testament to the inherent risk involved in cryptocurrency investments, especially in meme coins. Despite Hayes’ substantial investment and public endorsement, the value of these tokens dropped significantly within a week, leading to a substantial loss.
Despite prices dropping 12% over the past seven days, crypto trader Scient believes Pepe has now entered the buy zone, although he adds that his idea could be wrong.
What’s Next: The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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- ied in an financial system plummeted by a pandemic. ETF approvals earlier within the yr have created a platform the place Bitcoin worth may be influenced exterior cryptocurrency exchanges, in contrast to up to now.
- Oct 04, 2024 at 05:30 am
- possible try to carry off breaking beneath $60k, and will doubtlessly reverse the downtrend if it may head into the weekend above that mark. In any other case, a breach of that help might clear the best way for a possible decline to the sub-$50k territory.