Outside Source
Arthur Hayes, co-founder of crypto derivatives exchange BitMEX, believes the time has come for a meme coin breakout. As a result, he has added some tokens to his portfolio to maximize his returns.
A series of tweets from the American entrepreneur revealed that he has been purchasing several meme coins, including Pepe (PEPE), Mother Iggy (MOTHER), and Mog Coin (MOG).
Incoming Meme Coin Season?
Earlier this week, Hayes posted a tweet asking American rapper and celebrity Iggy Azalea, also the creator of MOTHER, if she could be his mother – a move aimed at expressing his support for the songwriter’s token.
Hayes admitted he was wrong about his prediction that the recent Federal Reserve rate cut would strengthen the Japanese yen and crash risk assets like bitcoin (BTC). Since the cryptocurrency held up well over the last weekend, he believed it was an opportunity to let the good times roll.
“Time to trade some dogshit meme coins,” he added.
In subsequent posts, Hayes stated that he doubled his MOTHER position, is “martingale’ing” the token, and looks forward to the meme coin’s market cap skyrocketing to $1 billion. Data from CoinMarketCap showed Mother Iggy’s market cap stands at $986 million at the time of writing.
In the early hours of Friday, Hayes disclosed that he is also acquiring more MOG and PEPE, inviting his friend to join the spree. On-chain data accessed by blockchain intelligence platform Lookonchain indicated that Hayes has already withdrawn 24.39 billion PEPE worth roughly $252,680 from crypto exchange Binance.
“It’s time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can’t neglect $PEPE. Yachtzee Bitches!” Hayes stated.
Not Just Meme Coins
A separate tweet from Lookonchain revealed that Hayes is not just bullish on meme coins. The crypto enthusiast has been purchasing millions of Aethir (ATH), the native token of the decentralized cloud infrastructure project Aethir, since mid-August.
Most of the funds used to purchase ATH have come from the sales of Hayes’ Pendle (PENDLE) stash. The entrepreneur said his family office fund, Maelstrom, has been reducing its PENDLE position to fund a “special situation.” Regardless of the sales, the fund still believes PENDLE has the potential to lead the crypto interest rate derivatives market; hence, Hayes remains bullish on the asset.
Following Hayes’ latest ATH purchase Friday morning, the BitMEX co-founder’s stash has grown to 116.63 million ATH worth approximately $7.5 million.
This article first appeared at CryptoPotato
