The memecoin market is rapidly growing, reaching a valuation of $50 billion. Recent investments in memecoin PEPE by former BitMEX CEO Arthur Hayes have captured widespread attention.
Hayes's Entry into Memecoin Market
According to data from SpotOnChain, Arthur Hayes recently deposited 1 million USDC into Binance, after which he withdrew 24.39 billion PEPE, worth $252,000, into his personal wallet. This marked his first transaction involving PEPE, showing his interest in the meme-based cryptocurrency.
Expanding Portfolio
Hayes didn't stop with PEPE. According to Lookonchain, he also added 23.48 million Aethir (ATH) tokens, worth $1.5 million, to his growing portfolio. Over the last 45 days, Hayes has poured $7.5 million into ATH, showing his active involvement in the crypto space.
Market Implications
Hayes's investments could further drive interest in PEPE and memecoins overall. As one of the most influential figures in the crypto industry, his backing could potentially drive up PEPE's value in the coming days. If Hayes continues to support PEPE, the memecoin could become a strong contender in the growing memecoin market.
Arthur Hayes's investments in memecoin PEPE and other cryptocurrencies underline his confidence in their potential, which could significantly impact the memecoin market.
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