BitMEX founder Arthur Hayes sold two memecoins he said would rise in price and lost money. The crypto community ridiculed Hayes.

Hayes announced his move to memecoin last week. The prominent cryptocurrency investor announced that he had invested in MOG and PEPE, on the Ethereum blockchain, on September 27.

Hayes invested a total of $500k, $250k in MOG and $250k in PEPE. Announcing his investment in X, Hayes commented, “I’m all for these memecoins, they’re going to go up.”

Memecoin briefly abandoned its investment

Hayes, who influenced thousands of crypto investors, caused a backlash when he sold memecoin at a loss just six days later.

Arthur Hayes put the MOG and PEPE he bought for $500k on the stock exchange. Online data platform Spot On Chain reports that Hayes sold the memecoins in question at a loss of around $50k.

One day, Hayes transferred 24.39 billion PEPE ($230k) and 167.5 billion MOG ($223k) in his wallet to the stock exchange for sale.

The wallet move, which was posted under the headline “He Takes a $47K Loss,” drew reactions from investors. One crypto investor said, “Worst trade of all time.” There has been no statement from Hayes about the transactions in question.

Since Hayes announced his purchase of the memecoins in question, MOG has lost 20% of its value, while PEPE has dropped 18%.

In his post on X, Hayes said he loves MOG, MOTHER, and PEPE. Hayes said on September 27:

“It's time for the Memecoin craze. I believe in MOTHER, I find MOG much more appealing than the others, but I'm not crazy about PEPE either.

Additionally, Hayes told an X user: “Just need some MOG, join me” .