Bitcoin’s Strength Prompts Arthur Hayes to Explore Meme Coins
coinedition.com 23 September 2024 10:15, UTC Arthur Hayes, co-founder of BitMEX, has stirred up excitement in the crypto community by suggesting that now is the prime time to buy more meme coins. His comments come after acknowledging that the Japanese yen (JPY) did not weaken as expected, and Bitcoin held up well over the weekend.
“I was wrong about JPY weakening. BTC held up well over the weekend,” Hayes posted earlier this morning. While he acknowledged his wrong prediction, he gave a hint of his next move in crypto. “Time to trade some dogshit meme coins,” he mentioned.
.@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
MOTHER Token Catches Hayes’ Eye
Among the meme coins catching Hayes’ attention is MOTHER, a token built on the Solana blockchain. The MOTHER token, tied to the music industry and created by rapper Iggy Azalea, has generated significant attention.
The coin combines fan engagement with decentralized finance (DeFi), presenting a unique use case for meme coins. Currently, the MOTHER memecoin is trading at $0.0732, a 0.6% increase in the last 24 hours.
Notably, Hayes is also eyeing dog-themed meme coins, the most well-known being Dogecoin and Shiba Inu. Over the past week, Dogecoin has increased by over 4.05%, while SHIB has seen a more impressive performance, gaining over 8%.
Even if Hayes’ endorsement is somewhat tongue-in-cheek, the meme market may see further bullish activity for these top dog-themed coins.
Hayes’ Previous Prediction on the Japanese Yen
Hayes’ prediction regarding the correlation between Bitcoin and the Japanese yen (JPY) came on September 19. At the time, he stated, “In the very short term: JPY weak = BTC strong, JPY strong = BTC weak.”
He urged traders to watch the USD/JPY exchange rate closely, especially leading up to the Bank of Japan’s (BOJ) meeting. His forecast indicated that a weakening yen would boost Bitcoin, while a stronger yen could weigh on it.
However, even though the yen didn’t weaken as expected, Bitcoin remained strong over the weekend. Since his prediction last week, Bitcoin has stayed above the $62,000 region, currently trading at $63,692, a 1.2% rise in the last 24 hours.
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