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 âUptober.â 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, Hayesâs portfolio features a mix of Solanaâs MOTHER and MOG coins, along with a significant amount of PEPE tokensâ24 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 Bitcoinâs 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.
â Hayesâs engagement with his followers offers a diversified approach to reduce investment risks.
â Octoberâs market trends could potentially uplift meme coins, aligning with Hayesâs strategic timing.
â While gains are enticing, the unpredictable volatility of meme coins remains a critical consideration for investors.
Despite varying expert opinions on meme coinsâ future, their rising popularity and investor allure are undeniable, making them a focal point in the crypto investment landscape. Hayesâs strategy highlights the blend of timing, community input, and market alignment in navigating this volatile yet enticing sector.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.