Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has ramped up his investment in meme coins, aiming to establish a substantial portfolio in time for “Uptober.” Reaching out to his followers for investment ideas, Hayes has primarily targeted Solana-based cryptocurrencies, with his largest meme coin investment being the Ethereum-based Pepe (PEPE).
Why Focus on Meme Coins?
Hayes is banking on the historical trend of October being favorable for Bitcoin and the broader cryptocurrency market. He speculates that this bullish momentum could also translate into gains for meme coins, which often follow broader market trends.
Which Meme Coins Captured His Interest?
Currently, Hayes’s portfolio features a mix of Solana‘s MOTHER and MOG coins, along with a significant amount of PEPE tokens—24 billion, according to SpotOnChain data. He has also shown interest in other Solana-based assets like Smoking Chicken Fish (SCF) and Ponke (PONKE).
Recent market performance has been promising, with Bitcoin’s uptrend pushing meme coins higher. Over the past week, Dogecoin appreciated by 16%, Shiba Inu by 35%, and PEPE by 32%, catching the eye of investors seeking high returns in a short period.
– Hayes’s engagement with his followers offers a diversified approach to reduce investment risks.
– October’s market trends could potentially uplift meme coins, aligning with Hayes’s strategic timing.
– While gains are enticing, the unpredictable volatility of meme coins remains a critical consideration for investors.
Despite varying expert opinions on meme coins’ future, their rising popularity and investor allure are undeniable, making them a focal point in the crypto investment landscape. Hayes’s strategy highlights the blend of timing, community input, and market alignment in navigating this volatile yet enticing sector.