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Home»ALTCOIN NEWS»PEPE coin rises 35% as Arthur Hayes manages PEPE with billions of dollars.
ALTCOIN NEWS

PEPE coin rises 35% as Arthur Hayes manages PEPE with billions of dollars.

By Crypto FlexsSeptember 28, 20243 Mins Read
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PEPE coin rises 35% as Arthur Hayes manages PEPE with billions of dollars.
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  • Meme coin enthusiast Arthur Hayes actively buys PEPE & MOG.
  • PEPE token breaks 5-month resistance as Bitcoin rises above $66,000.
  • The meme currency division is growing 22.5% daily, reaching a market capitalization of $57.8 billion.

BitMEX founder Arthur Hayes has been putting his money where his mouth is after announcing a shift in focus towards meme currencies. The binge shopping session started almost midnight. The BitMEX co-founder tagged popular cryptocurrency trader Ansem with an invitation. “I just botted $MOG and it sucked. Come and join me.”

The cat-themed Mogcoin (MOG) is listed on several major exchanges, including Bybit and KuCoin. Total supply is equal to PEPE, up to 420.69T.

Arthur Hayes: “We can’t ignore PEPE”

“It’s time for memecoins to emerge.” He declared himself an extravagant cryptocurrency enthusiast in his next message, confessing to his audience that he couldn’t resist Pepe. Soon after, Hayes withdrew 24.39 billion Pepe tokens (PEPE) into a publicly traceable cryptocurrency wallet. PEPE holdings are currently worth $262,927,000 and make up the second page of Arthur’s wallet.

“I respect $MOTHER and $MOG more than anyone, but I can’t ignore $PEPE.” We read a provocative message coinciding with a massive daily bull run in PEPE. The frog-themed cryptocurrency emerged as a leader in the altcoin section on Friday, soaring to $0.00001077 for a daily gain of 16%.

PEPE trading volume explodes

This level has not been claimed since August 2, 2024, but the Fibonacci retracement tool sets $0.00001153 as the next target based on the five-month lows and highs. Breaking down the resistance barrier, PEPE now benefits 79% of investors. With a high price correlation of 0.85 against Bitcoin (BTC), PEPE’s 7-day rally now stands at 35%.

Interestingly, these PEPE cryptocurrency price increases are massive in both spot and derivative markets. Toad-themed PEPE hit $2.4 billion in spot, with more action on derivatives and speculative market volume surging 53% in 24 hours. Open Interest (OI) also increased by 20%, suggesting that derivatives traders may be opening leveraged positions in both directions in PEPE.

On the flip side

  • Amid the rise in PEPE price, more than $4 million worth of short positions in PEPE coins were liquidated in the last 24 hours, according to CoinGlass data.
  • Claims that Arthur Hayes purchased Mog Coin (MOG) and $MOTHER may be exaggerated, as the entrepreneur’s wallet only shows $12.95 worth of MOG.

Why This Matters

Celebrities endorsing cryptocurrencies on social media channels contribute to the public awareness of the cryptocurrency sector. For a coin to grow sustainably, it needs strong fundamentals such as a real utility case and real trading volume.

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