As cryptocurrency markets prepare for the ‘Uptober’ phenomenon, when most assets turn green, one executive is focusing on meme coins, singling out some that he believes will likely rally.
Arthur Hayes, co-founder of BitMEX exchange, revealed that he is on the hunt for the next big meme coin and is assembling a portfolio just in time for the anticipated rally, according to an X post on September 28.
Although Hayes’ portfolio was awaiting the crypto community’s input, it was already packed with some notable names, including rapper Iggy Azalea-linked Mother Iggy (MOTHER), Mog Coin (MOG), and Pepe (PEPE).
Indeed, the current Hayes portfolio includes tokens that have witnessed a significant surge in value in recent months, with the majority sharing the common attribute of being launched on the Solana (SOL) blockchain.
True to his word, on-chain data indicates Hayes made notable purchases involving the tokens in his portfolio. For instance, on September 27, he bought $250,000 worth of PEPE on Binance. This emerged after the crypto investor initially transferred $1 million worth of USDC to Binance.
Arthur Hayes PEPE transaction from Binance. Source: Lookonchain
At the same time, he withdrew 24.39 billion PEPE tokens worth $252,680 from Binance in what can be assumed to be self-custody. The data also indicates that Hayes received 8 million MOG tokens ($12.72) from one of his crypto wallets.
Hayes meme portfolio performance
Already, some of the meme coins in his portfolio have seen upticks. For instance, after the PEPE purchase, the coin surged by 35% at one point. Although Pepe is experiencing short-term volatility, dropping 4% in the last 24 hours, the token has remained green over the past seven days, rising over 37% to trade at $0.00001104 at press time.
PEPE one-week price chart. Source: CoinMarketCap
MOG is also experiencing short-term volatility. It dropped about 2% in the last 24 hours to $0.0000005151, but it has gained almost 30% in the past week.
While there is no data on his possible investment in MOTHER, the coin also shows similar trading patterns to the two meme coins. The token is currently valued at $0.1107, plunging 4% on the daily chart but up almost 60% on the weekly timeframe.
Moreover, ahead of October, some investors are already earning notable returns from investing in meme cryptocurrencies, with Moo Deng (MOODENG) ranking among the best-rewarding assets.
Hayes bullish on meme coins
Although meme coins have received criticism regarding their lack of key fundamentals, Hayes has called for giving the tokens a second look. The executive has noted that meme coins can bring value to the blockchain ecosystem, primarily through attracting new users.
In his view, blockchains that can promote an active meme coin culture have the potential to benefit from the associated attention. Indeed, these sentiments may have been validated with Solana, which saw massive price movements courtesy of meme coin popularity on the platform.
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