• Arthur Hayes took a $47K hit after dropping $500K on PEPE and MOG.
• Hayes deposited 24.39 billion PEPE and 167.5 billion MOG back to Binance and Bybit.

The crypto market has been struggling to break the bearish pressure as Uptober began. The bearish sentiment drove the overall market cap to $2.14 trillion. The leading cryptocurrency, Bitcoin (BTC), dropped to $59.9K, and Ethereum (ETH) also faced a sharp downturn, falling to $2.3K.

Amid this, the former BitMEX CEO Arthur Hayes recently announced his support for the three meme coins—PEPE, MOG, and MOTHER. It triggered the token’s price momentum. He spent an approximation of $500K on these tokens.

According to recent on-chain data, Hayes confronted a $47K loss six days after his announcement. Hayes has deposited 24.39 billion PEPE, worth $230K, and 167.5 billion MOG, valued at $223K, back to the exchanges like Binance and Bybit.

On the other hand, Arthur Hayes previously made a move in the crypto market by selling 350K PENDLE, worth $1.26 million, as per the on-chain data. He initially purchased 392,911 $PENDLE for $2.2 million between May 20 and June 21 at around $5.60 per token.

Price Movements of PEPE and MOG

Hayes’ acquisition of PEPE triggered the token surge in value in the market. On September 27, PEPE spiked to the price range of $0.00001070. Currently, PEPE is trading at $0.000009274, down by 6.90% in the last 24 hours. Besides, the trading volume has dropped by 33.20% to $1.22 billion, according to CMC data.

Looking ahead, the nearby resistance is found at $0.000009316. A bullish surge could take the price higher, while a strong bear hold may push it down to $0.000009187.

In addition, MOG is currently trading at $0.000001391, losing over 7.15% in the past 24 hours. The trading volume of the token is down by 35.65% to $20 million. Hayes’ support made the MOG price spike to the $0.00000169 range, as per CMC data. The nearby resistance of the token might be at $0.000001447, and the immediate support can be found at $0.000001264.