- Arthur Hayes faced a $47K loss from meme coins PEPE and MOG, selling after a sharp 10% price drop in just six days.
- PEPE gained 21% over the past 30 days but dropped 10% recently, while MOG surged 3,388% YTD despite volatility.
- Hayes remains bullish on meme coins but his $500K investment in PEPE and MOG resulted in a loss amid market swings.
Arthur Hayes, the co-founder of BitMEX, exited from meme coins PEPE and MOG, incurring a loss of $47,000. Hayes invested approximately $500,000 in these tokens on September 27, 2024, after showing strong public support on Twitter.
His investments, 24.39 billion PEPE worth $252,507 and 167.5 billion MOG valued at $244,718, were deposited into Binance and Bybit. Six days later, both tokens dropped by 10%, prompting Hayes to sell them for a combined loss.
PEPE and MOG Market Activity
Hayes sold his entire PEPE holdings for $229,771, resulting in a $22,737 loss. MOG also showed a similar trend, with the sale resulting in a realized loss of $22,189. The price drop over a six-day period led to this quick exit.
Besides, PEPE saw an upward trend in the last 30 days, gaining 21%, but fell by 8.37% within the past 24 hours. MOG has recorded even greater success, with a 47% increase in the last month and an impressive 3,388% rise year-to-date.
Meme coin investments have always been volatile, and Hayes’ quick entry and exit reflect the risks in this space. PEPE and MOG both registered sharp price declines, but their longer-term performance shows strength.
PEPE still has a 30-day gain and an active trading volume of $1.18 billion, indicating ongoing interest. On the other hand, MOG’s price has surged this year, although its trading volume has dipped to $19.4 million.
Arthur Hayes’ Investment Strategy
Hayes has remained bullish on meme coins, even tweeting, “We’re on the brink of a meme coin breakout,” showing confidence in their potential. However, his recent loss demonstrates the inherent risk of short-term trades in this volatile market.
Additionally, Hayes’ public support for $MOTHER, a meme coin created by rapper Iggy Azalea, raised eyebrows. MOTHER has seen a decline, losing 30% in the past week, with trading volume dropping by 22%.
