BitMEX Co-Founder Arthur Hayes Embraces Volatile Sideways Market, Ups Holdings in Dogecoin (DOGE) and PENDLE

• Arthur Hayes, the former CEO of BitMEX, announced investments in PENDLE and DOGE.

• Hayes predicted a Dogecoin ETF launch before the current market cycle ends, highlighting its cultural and financial significance.

Arthur Hayes, former CEO of BitMEX and prominent cryptocurrency investor, announced via Twitter his recent investments in $PENDLE and $DOGE. Hayes expressed enthusiasm for the current “choppy sideways to down” price action in the cryptocurrency market, seeing it as an opportunity to bolster his portfolio. 

I'm loving this choppy sideways to down shitcoin price action. I'm adding to my bags of $PENDLE and $DOGE.

— Arthur Hayes (@CryptoHayes) June 19, 2024

This move highlights Hayes’ strategic approach to capitalize on market volatility. By adding to his holdings, Hayes demonstrates continued confidence in the long-term potential of both $PENDLE and $DOGE. His investment decisions are closely watched, influencing market sentiment and attracting significant attention from the crypto community.

On June 11th, on-chain analyst LookOnChain reported that an address believed to belong to Hayes staked 1.65 million PENDLE, worth $8.4 million. As of this writing, PENDLE is currently trading at $5.64, registering an increase of  10% in the last 24 hours.

A whale deposited 755K $PENDLE($3.83M) to #Binance for profit 1 hour ago.

The whale withdrew 5.02M $PENDLE($2.73M at the time) from #Binance on Aug 18, 2023, when the price was $0.54.

He currently has 4.27M $PENDLE($21.7M) left, with a total profit of $22.8M(+834%)!… pic.twitter.com/hfmtvOEwsc

— Lookonchain (@lookonchain) June 11, 2024

Dogecoin Whale Transaction Raises Concerns

Dogecoin’s price is experiencing a notable rise amid a recovering cryptocurrency market and positive sentiment surrounding X’s potential crypto integration plans.  A significant whale transaction has captured the attention of the crypto community. Whale Alert, an on-chain transaction tracking platform, reported that an unknown whale, identified by the wallet address “DF8jR….vjEGb,” transferred 99,321,007 DOGE, valued at approximately $12.08 million, to Robinhood. Such large transfers to centralized exchanges are often viewed as bearish indicators, suggesting a potential sell-off.

99,321,007 #DOGE (12,087,523 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/h5fSf3ofaS

— Whale Alert (@whale_alert) June 18, 2024

Despite this, Dogecoin has shown resilience, bouncing back from a slow start earlier in the week. The coin’s ability to recover highlights the strong community support it enjoys and its capacity to withstand market fluctuations.

As of now, Dogecoin’s price is up 2.42%, trading at $0.1248. Over the past 24 hours, it has reached a high of $0.1265. However, trading volume has fallen by 33% to $977.74 million, and DOGE Futures Open Interest has remained flat at around $645 million, according to CoinGlass data.

Hayes Predicts Dogecoin ETF Amidst Rising Memecoin Popularity

Arthur Hayes recently predicted the launch of a Dogecoin ETF before the current market cycle ends. In a recent interview, Hayes highlighted Dogecoin’s unique position in cryptocurrency and potential for significant cultural and financial impact.

Hayes emphasized Dogecoin’s status as the oldest memecoin and its listing on major platforms like Robinhood in the United States. He noted that Dogecoin’s enduring appeal lies in its significant cultural value, which sets it apart from other memecoins. According to Hayes, this cultural value is a key factor that has allowed Dogecoin to maintain its relevance and popularity over time.

In the interview, Hayes assessed the widespread interest in memecoin-based cryptocurrencies. He suggested that memecoins have consistently outperformed other trends in the crypto space due to their cultural resonance and simplicity. Despite the influx of new memecoins, Hayes expressed skepticism about the long-term cultural value of many of these tokens, which lack Dogecoin’s historical significance and widespread recognition.

Recent developments from X Payments LLC and statements from influential figures in the crypto space further fuel optimism around Dogecoin. Linda Yaccarino, CEO of X, formerly known as Twitter, provided a positive update on X Payments LLC, igniting excitement among Dogecoin enthusiasts. Elon Musk, who has a history of influencing Dogecoin’s market movements, has previously hinted at integrating cryptocurrency into X’s payment system, bringing Dogecoin into the spotlight.