BitMEX founder Arthur Hayes, once bullish on memecoins, has stunned the crypto community by selling MOG and PEPE at a loss! đš Just last week, Hayes made waves by announcing his pivot to memecoins, confidently backing his $500,000 investment in MOG and PEPE on the Ethereum blockchain.
With $250,000 poured into each, he proclaimed, "I support these memecoins, they will rise!" But just 6 days later, Hayes offloaded his positions, taking a shocking $50,000 hit. đ±
On-chain data reveals he moved 24.39 billion PEPE ($230,000) and 167.5 billion MOG ($223,000) from his wallet to exchanges for liquidation. As Spot On Chain reported, this quick turnaround caught the attention of investors, one of whom called it "the worst trade of all time." đ„
Since Hayes' bold entry, MOG has plummeted by 20%, and PEPE by 18%, leaving many wondering about his next move. While Hayes remains silent on the losses, his infamous declarationâ"It's time for a memecoin frenzy"ânow seems to haunt him.
Could this be a lesson in the high-stakes world of memecoins, or just a temporary setback for the crypto titan? đ€
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