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Bitmex co-founder Arthur Hayes realized a five-figure loss on several meme coins only a few days after predicting more meme coin upside.

What Happened: Analytics platform Spot On Chain shows a $47,000 loss from his investments in Pepe PEPE/USD and Mog Coin MOG/USD. The Bitcoin bull had initially invested a total of $500,000 in these tokens on Sep. 27, following his public endorsement of three meme coins, PEPE, MOG and Mother Iggy MOTHER/USD.

His tweet read that it is the time for a “meme coin breakout.” Pepe, Mog and MOTHER have since dropped 12%, 18% and 43%, respectively.

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

Currently, Hayes has deposited all of his 24.39 billion PEPE, worth $230,000, and 167.5 billion MOG, valued at $223,000, back to Binance and Bybit.

Why It Matters: The significant loss experienced by Hayes highlights the volatile nature of cryptocurrency investments, particularly in meme coins. Despite Hayes’ public endorsement and substantial investment, the value of these tokens fell significantly within a week, resulting in a substantial loss.

Despite prices dropping 12% over the past seven days, crypto trader Scient sees Pepe having entered the buy zone but cautions his idea may be wrong.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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