Arthur Hayes goes all in on PEPE after ATH

Arthur Hayes, BitMEX founder, seems to be shifting his focus from long-term altcoin accumulation to meme coins. He recently gave a shoutout to Iggy Azalea’s MOTHER token which saw a surge of around 30% in a week. In the latest turn of events, Hayes is now heading towards PEPE after registering gains on Pendle and Aethir (ATH).

Pepe, the third biggest meme coin, saw a rapid spike as Hayes decided to go after it. PEPE price surged by over 18% in the last 24 hours. However, this week proved to be pretty good for the meme crypto category as its biggest tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) printed heavy green indexes.

Arthur Hayes bets big on PEPE

According to the data shared by Spot On Chain, Arthur Hayes turned to accumulate PEPE after ATH. He deposited 1 million USDC to the crypto exchange Binance and then withdrew back 24.39 billion PEPE (approx. worth $252K) to his wallet.

BitMEX founder even sent out a message via his X post. He wrote “It’s time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can’t neglect $PEPE.”

Pepe dealing with the heavy selling pressure recorded a major breakout on Friday as it reclaimed the crucial $0.00001062 mark. The frog-themed meme coin traded above this price level in the first week of August last time.

Pepe is trading at an average price of $0.00001061, at press time. Its 24-hour trading volume is now up by 54%, standing at $1.31 billion. The token is now up by around 37% over the last 30 days despite facing a decline of 9% over the past 90 days.

Hayes switching gears

Hayes is making the meme coin frenzy intense as he earlier withdrew 30.89 million ATH (approx. worth $1.92 million) from Bybit. This move became his largest single ATH accumulation. However, he was already on the accumulation spree. BitMEX founder had withdrawn 47.37 million ATH (approx. worth $2.94 million) from multiple exchanges at the beginning of this week.

“Another 30.89M $ATH ($1.92M) was withdrawn from Bybit to Arthur Hayes’ wallet 0xa86 ~25 minutes ago.

Notably, this is his largest single $ATH accumulation to date.

Over the past two days, Arthur Hayes has withdrawn 47.37M $ATH ($2.94M) from #Bybit, #OKX, and #KuCoin, bringing…” https://t.co/z1y7Hh3A1X pic.twitter.com/YsqEoa7x07

— Spot On Chain (@spotonchain) September 24, 2024

He was dealing with PENDLE before jumping into the ATH buying spree. However, he moved 1.59 million Pendle (approx. worth $5.61 million) to Binance and Bybit just to make a shift over ATH.

However, he also showed his interest in Iggy Azalea’s memecoin, MOTHER, citing favorable macroeconomic conditions. Hayes cheekily posted, “Iggy Azalea, can you be my $MOTHER?”