Arthur Hayes, co-founder of the BitMEX cryptocurrency exchange, increased his accumulation of meme coins last week. Hayes expressed his goal of creating a meme coin portfolio ahead of 'Uptober' and asked his followers for buying suggestions.
Strategy for Meme Coins in 'Uptober'
Considering that October has historically been positive for Bitcoin and the overall cryptocurrency market, Hayes predicts that meme coins will also gain value during this period. He believes that the bull trend during 'Uptober' will create opportunities for meme coins.
Investments in Meme Coins
Hayes' portfolio includes Solana coins such as MOTHER and MOG, along with Ethereum-based PEPE tokens. According to SpotOnChain data, he currently holds 24 billion PEPE tokens. Additionally, reports indicate that he has invested in other Solana-based meme coins, such as Smoking Chicken Fish (SCF) and Ponke (PONKE).
Market Performance of Meme Coins
With the rise of Bitcoin, meme coins have also shown remarkable increases. Dogecoin has gained 16% in the past week, Shiba Inu 35%, and PEPE 32%. These increases have enhanced the popularity of meme coins among investors. Hayes emphasizes community support and market trends while building his meme coin portfolio. By diversifying his portfolio through suggestions from his followers, he aims to reduce risks.
Given the volatile nature of meme coins, investors are advised to remain cautious and closely monitor market analyses. Hayes' strategy seeks to align with the general market trend while maximizing potential gains. While market experts hold differing opinions on the future of meme coins, it is observed that their popularity and investor interest continue to grow.
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