- Meme coin aficionado Arthur Hayes goes on a buying spree for PEPE & MOG.
- PEPE Token breaks out of 5-month resistance as Bitcoin climbs above $66,000.
- The meme currency department grows 22.5% daily to a $57.8B market cap.
BitMEX founder Arthur Hayes has put his money where his mouth is after declaring a focus shift to meme currencies. The binge shopping session started at almost midnight, when the BitMEX co-founder tagged the popular crypto trader Ansem, with an invitation attached: “I just bot some $MOG, it slaps. Come join me.”
The cat-themed Mog Coin (MOG) is listed by multiple major exchanges, including Bybit and KuCoin. Its total supply is identical to that of the PEPE, capped at 420.69T.
Arthur Hayes: “I Can’t Neglect PEPE”
“It’s time for a memecoin breakout,” declared the extravagant crypto aficionado in his next message, confessing to the audience that he could not resist Pepe. Soon after, Hayes withdrew 24.390 billion Pepe Tokens (PEPE) to his publicly trackable crypto wallet. The PEPE holdings are currently worth $262.927K, making the second page of Arthur’s wallet.
“I respect my $MOTHER, I $MOG like no one else, but I can’t neglect $PEPE,” reads the provocative message, which coincided with a huge daily bull run for PEPE. The frog-themed crypto emerged as a frontrunner in the altcoin section on Friday, picking up 16% daily gains to soar to $0.00001077.
PEPE’s Trading Volume Explodes
While these levels have been unclaimed since August 2, 2024, the Fibonacci Retracement Tool sets $0.00001153 as the next target based on five-month lows and highs. Managing to break the resistance barrier, PEPE now puts 79% of investors at a profit. With a high price correlation of 0.85 against Bitcoin (BTC), PEPE’s seven-day rebound rally now equals 35%.
Intriguingly, this PEPE crypto price appreciation comes with a massive volume on both Spot and Derivatives markets. Topping $2.4 billion on Spot, the toad-themed PEPE sees more action on Derivatives, with the speculative market volume soaring 53% over 24 hours. Open Interest (OI) rose by 20% as well, hinting at Derivatives traders opening leveraged positions on PEPE both ways.
On the Flipside
- Amidst the upward PEPE price action, CoinGlass data shows that over $4 million of short positions on PEPE Coin were liquidated in the latest 24-hour timeframe.
- The claims that Arthur Hayes bought Mog Coin (MOG) and $MOTHER could be exaggerated, as the entrepreneur’s wallet shows just $12.95 worth of MOG.
Why This Matters
Celebrities endorsing crypto on social media channels contribute to the sphere’s public recognition. Strong fundamentals, such as real utility cases and genuine trading volumes, are needed for the coin’s sustainable growth.
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