Hayes Investment Rakes PEPE Price
Arthur Hayes, recently made news with his memecoin investments, including his acquisition of Pepe.
Hayes' confidence for memecoins, reflected in a recent X (previously Twitter) post, has coincided with PEPE's value rising, reflecting a crypto market recovery.
Hayes bought 24.39 billion PEPE tokens on Binance on Friday for $250,000, according to Lookonchain. The investment comes as PEPE is rising to its highest price in over three months at $0.0000109.
According to CoinMarketcap, the cryptocurrency has gained 34%, 45%, and 38% in the previous week, two weeks, and month. Trading volume rose 41% in 48 hours to roughly $2.5 billion, supporting PEPE's recent price fluctuations.
This increase in trading activity is likely due to investor optimism after the US Federal Reserve cut interest rates on September 18, which has benefited cryptocurrencies like memecoins.
PEPE rose 17% to $0.0000107 in recent trading hours. However, it is down 37% from its May all-time high of $0.0000171. Hayes' backing seems to keep investors interested despite this downturn.
Support Mog Coin, Mother Iggy Token
Hayes's memecoin engagement goes beyond PEPE. He also supports Mog Coin (MOG) and the Solana-based Mother Iggy (MOTHER) coin, related with Australian musician Iggy Azalea.
Lookonchain has not verified whether Hayes bought in these tokens as he did with PEPE, but his endorsement has already boosted MOG's price to $0.00000165, up over 10%.
MOG has risen 10,398% year-to-date and 5.70% in trading volume. Despite these advances, it's 32% behind July's top of $0.0000024.
In contrast, the MOTHER token has fallen roughly 14% in 24 hours. However, it has gained 75% in the last week and 176% in the past two, indicating that it remains an attractive asset despite recent volatility.
Haye's support for memecoins illustrates how much this sector has grown over the last year, outpacing the larger cryptocurrencies.
