- 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).
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.
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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