Arthur Hayes, co-founder and former CEO of cryptocurrency trading platform BitMEX, has recently made headlines with his significant investments in the memecoin sector, most notably his significant purchase of Pepe (PEPE).

Hayes’ optimism about memecoin was expressed in a recent release post on social media on X (formerly Twitter) coincided with a significant escalate in the value of PEPE, reflecting a broader escalate in interest in the cryptocurrency market.

PEPE price skyrockets after Hayes’ investment

Lookonchain analytics platform revealed that Hayes invested $250,000 in PEPE, purchasing approximately 24.39 billion tokens on Binance on Friday. This investment comes at a time when PEPE is on a clear upward trend, reaching its highest price in almost three months at USD 0.0000109.

CoinGecko data shows that the token has recorded impressive gains of 34%, 45% and 38% over the last week, two weeks and one month respectively. PEPE’s recent price movement is further supported by a significant escalate in trading volume, which has increased by 41% in the last 48 hours to almost $2.5 billion.

This escalate in trading activity indicates increased investor interest, likely fueled by bullish sentiment following the US Federal Reserve’s decision decision to the interest rate cut on September 18, which created a favorable environment for various cryptocurrencies, including the memecoin sector.

Currently trading at $0.0000107, PEPE has increased by 17% in recent trading hours. However, it remains 37% below the all-time high of $0.0000171 reached in May. Despite this decline, support for Hayes appears to be there catalyst due to constant investor interest.

Support for Mog Coin and Mother Iggy Token

Hayes’ involvement in the memecoin space goes beyond PEPE. It has also shown support for two other tokens: Mog Coin (MOG) and the Mother Iggy token (MATKA), associated with Australian singer Iggy Azalea and built on Solana blockchain.

While Lookonchain has not confirmed whether Hayes has invested in these tokens as he did with PEPE, his endorsement has already had a positive impact on MOG’s price, which is currently at $0.00000165, an escalate of over 10% following Hayes’ announcement.

MOG has recorded a colossal year-to-date growth of 10,398%, with a 5.70% escalate in trading volume. Despite these gains, the stock remains 32% below its high of $0.0000024 reached in July.

And vice versa, MOTHER sign it has struggled to maintain its momentum, down almost 14% in the last 24 hours. However, it has seen a significant escalate of 75% over the past week and 176% over the past two weeks, signaling that it remains a balmy commodity despite recent volatility.

Overall, Haye’s support for memecoin sector shows the traction that this part of the market has gained especially over the last year, clearly outperforming the largest cryptocurrencies on the market.

Featured image from DALL-E, chart from TradingView.com