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Arthur Hayes Sells Off Memecoins with $40K Loss After Calling for Memecoin Breakout
- Arthur Hayes, crypto trader and founder of BitMEX, has exited his position in two memecoins down US $40k.
- The investor dropped half a million on MOG and PEPE after he predicted the markets would run bullish in the short-term.
- Unfortunately for Hayes, the markets turned sour, with his two most recent assets dropping over 10% in the past week.
- Crypto social media was quick to laugh at Hayes’ misfortune, given his outspoken nature.
The outspoken founder of crypto exchange BitMEX, Arthur Hayes, has been hit with a US $40k (AU $58K) loss after some spicy investments went rancid. The entrepreneur and trader recently went in on the US Federal Reserve for lowering interest rates, arguing that it would cause a flow-on effect across the markets.
However, once this didn’t come to fruition, Hayes changed his tune and became bullish on BTC in the short- and medium-term. Part of his strategy to take advantage of the market was to flip some memecoins. Or as Hayes put it:
But unfortunately for the BitMEX founder, Bitcoin shrunk back to its US $60k (AU $87k) support level, bringing the rest of the market with it.
Related: Aussie Analysts Reveal What Drives Latest Memecoin Craze, SUI’s Big Play to Build Community
Arthur Hayes’ Memecoin Investment Backfires In Under a Fortnight
Hayes primarily loaded up on two memecoins, splurging half a million USD on MOG (and PEPE).
Yachtzee indeed.
It took less than a fortnight for things to start looking a little dicey for Hayes, with PEPE tumbling 10% and MOG 11% in the past week.
Hayes isn’t one to stick around, cutting his losses and exiting his position in each project, down a hefty US $40k (AU $58k).
Crypto Social Media Mocks Hayes, Accuses Him of “Paper Hands”
When you’re an outspoken personality like Hayes, and things go awry, you put yourself at the mercy of Crypto Twitter.
And the community went at him like vultures at a carcass.
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Despite his confident position in the two memecoins coming back to bite him, one thing’s for sure – Arthur Hayes will continue being Arthur Hayes. Outlandish predictions, offensive tweets and strange analogies – love him or hate him, Hayes is a great source of entertainment.
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Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
