Arthur Hayes Dumps PENDLE, Declaring Shift to Dog Meme Coins

• BitMEX founder gives a shoutout to rapper Iggy Azalea in honor of $MOTHER.
• Arthur Hayes offloads $5.61M PENDLE, claims it’s time to explore meme coins.
• DOGE, SHIB, and WIF all saw considerable spikes since the FED announced a rate cut.

Crypto entrepreneur Arthur Hayes has transcended from his long-term accumulation of altcoins to a focus on meme currency. The BitMEX founder claimed this sudden shift of focus in a shoutout message to Australian rapper Iggy Azalea, whose $MOTHER has dominated the meme coin charts for several days amidst a 30% weekly run.

This comes just a day after Azalea announced plans to launch a new social media platform, which is set to employ MOTHER as the only means of payment.

Arthur Hayes Dumps PENDLE for This Altcoin

Meanwhile, the blockchain intelligence platform SpotOnChain noticed a series of sell-offs by Hayes regarding Pendle. The crypto entrepreneur deposited 1.595M of PENDLE tokens to Binance and Bybit, potentially making $5.61 million.

Hayes also added 16.478M Aethir (ATH) tokens from OKX, KuCoin , and Bybit to his 62.257M ATH stash, worth $4.144M. Picking up 8.8% gains, ATH is a relatively new altcoin backed by a company developing powerful GPU computer solutions. 

In the publicly trackable wallet, the only larger asset is Ether (ETH), which encompasses nearly $23 million, including the wrapped Ethereum (ETH) versions.

In June 2024, Hayes showcased support for the largest meme coin digital asset, Dogecoin, claiming to “love the choppy sideways action.” 

Since the tweet, both PENDLE and DOGE plunged dramatically, with DOGE slumping from $0.124 to $0.1069. PENDLE slipped from $5.35 to $3.96 today, exiting crypto’s TOP 100 by global market cap.

On the Flipside

• Despite claiming a shift to meme coins, Arthur Hayes’ crypto wallet doesn’t show many meme currencies.
• The BitMEX founder was wrong in his Bitcoin (BTC) prediction that the broader crypto markets would crash after the FED rate cut.

Why This Matters

Prominent crypto figures reflect the general market sentiment and often have great expertise in market timing.

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