YEREVAN (CoinChapter.com) — Arthur Hayes, co-founder of BitMEX, has been making headlines after incurring a $47,000 loss trading PEPE and MOG. On September 27, 2024, Hayes invested $500,000 into these two meme coins, hoping for a rally. However, the market quickly turned against him. He deposited 24.39 billion PEPE and 167.5 billion MOG back to exchanges within six days, marking a substantial loss.

Arthur Hayes Pushes Memecoins PEPE, MOG, and MOTHER. Source: Lookonchain

According to Spot On Chain, Hayes’ withdrawal came after both PEPE and MOG dropped 10% in just 24 hours. Despite his quick exit, the data shows that his decision cost him $47,000.

Hayes’ Sudden Exit After PEPE and MOG Loss: “Uptober” Gone Wrong?

The decision to sell his PEPE and MOG holdings may have been influenced by the overall market downturn. Crypto markets were hit hard by external factors, and meme coins were no exception. On-chain data confirmed that Hayes deposited 24.39 billion PEPE, worth about $230,000, and 167.5 billion MOG, valued at $223,000, back to Binance and Bybit.

Arthur Hayes Faces $47K Memecoin Loss in 6 Days. Source: Spot On Chain

The drop in value of PEPE and MOG meant that Hayes walked away from this trade with a significant loss. Despite his belief in an “Uptober” rally, the meme coin market proved too volatile for even an experienced trader like him.

PEPE and MOG’s Market Struggles

PEPE and MOG have seen significant price fluctuations in recent months. At the time of writing, PEPE is trading at $0.00000921, showing a 21% gain over the last 30 days. However, it suffered a 10% decline in the last 24 hours, with its 24-hour trading volume also down 34%, standing at $1.18 billion.

MOG has been equally volatile. Although it gained 47% in the last 30 days, it also dropped 10% in the past 24 hours. It is currently trading at $0.00000139, with a 24-hour trading volume of $19.4 million.

Arthur Hayes’ Strategy in the Meme Coin Market

Despite the losses, Hayes appears to remain committed to meme coins. His trading strategy, while risky, aligns with his previous investments in projects like Aethir (ATH) and his continued interest in MOTHER, a meme coin launched by Iggy Azalea.

Arthur Hayes Calls on Iggy Azalea for Meme Coin Support. Source: ArthurHayes

Hayes has always been a bold trader, willing to take on high-risk, high-reward opportunities. While this approach can yield significant profits, it also leaves him exposed to losses, as seen in this most recent effort.

The post Is Arthur Hayes a Crappy Crypto Trader? appeared first on CoinChapter.