Arthur Hayes, co-founder of BitMEX, has changed his stance on Bitcoin and meme coins, as seen in a recent X post. Hayes admitted he was wrong about predicting a Bitcoin crash following the Federal Reserveâs interest rate cuts.
He noted that Bitcoin held up well over the weekend, signaling his newfound bullish outlook on the broader crypto market. Hayes recommended trading meme coins, specifically referencing Iggy Azaleaâs $MOTHER token while stating itâs time to âtrade some dogshit meme coins.â
Hayes Shifts Focus to Meme Coins
Besides his change in sentiment on Bitcoin, Hayes made significant moves with his crypto holdings. In the past three days, he shifted his focus from $PENDLE to $ATH. According to Spot On Chain, Hayes deposited 1.595 million $PENDLE ($5.61 million) to Binance and Bybit.
In turn, he withdrew 16.478 million $ATH ($1.02 million) from OKX, Bybit, and KuCoin. His holdings now consist of 62.257 million $ATH ($4.1 million) and 493,463 $PENDLE ($1.98 million).
Moreover, meme coins have surged alongside Bitcoin since the Fed rate cuts, with tokens like Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI) experiencing double-digit gains.Â
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The $MOTHER token has also surged by 31%, driven by the announcement of Iggy Azaleaâs upcoming online casino, âMotherland.â Set to launch in November, the casino will utilize the $MOTHER token, adding utility to the coin.
The Volatile Nature of Meme Coins
However, itâs essential to note that meme coins have always been speculative assets. While Hayes has shifted his focus to these coins, market participants should exercise caution, as these tokens can be volatile. Nonetheless, Hayesâ recognition of meme coins highlights their growing relevance in crypto.
Additionally, Dogecoin could see a 45% rally if it breaks its $0.11 resistance, with its Relative Strength Index (RSI) already crossing key technical levels. Hence, meme coins, including Dogecoin, might continue gaining momentum as the market evolves.
