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:

.@IGGYAZALEA can you be my $MOTHER?
I was wrong $JPY weakening, $BTC held up well over the weekend. LFG, and let the good times roll.
Time to trade some dogshit meme coins.
— Arthur Hayes (@CryptoHayes) September 23, 2024

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).

It’s time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can’t neglect $PEPE.
Yachtzee Bitches!😘😘😘😘😘😘
— Arthur Hayes (@CryptoHayes) September 27, 2024

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).

Arthur Hayes, the founder of BitMEX, said he was optimistic about Memecoin on September 27 and bought $250,000 of PEPE and $250,000 of MOG. Today, these PEPE and MOG were transferred to CEX, and their value has dropped to $460,000. The sale resulted in a loss of $40,000.… https://t.co/m9N8UVFOkj
— Wu Blockchain (@WuBlockchain) October 3, 2024

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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