Arthur Hayes Faces $47,000 Loss Amid Memecoin Decline

Former BitMEX CEO Arthur Hayes, who recently expressed optimism about the prospects of memecoins, has incurred an unrealized loss of $47,000 from trading two tokens. This was highlighted by analysts at Spot On Chain.

Arthur Hayes already accepted a $47K loss from two memecoins $PEPE and $MOG after 6 days!

6 hours ago, @CryptoHayes deposited all 24.39B $PEPE ($230K) and 167.5B $MOG ($223K) back to #Binance and #Bybit.

Notably, he spent $500K in total on those tokens just on Sep 27, after… https://t.co/IMxEPYZ0LY pic.twitter.com/v2hBWrf8Yd

— Spot On Chain (@spotonchain) October 3, 2024

On September 27, Hayes spent $503,000 acquiring 24.39 billion PEPE ($230,000) and 167.5 billion MOG ($223,000). By October 2, he had transferred all the tokens to the Binance and Bybit exchanges.

During this period, the total value of the memecoins in his account fell to $460,000. Thus, should he sell the tokens, the loss would amount to $47,000.

At the time of writing, Hayes’s portfolio balance stood at $29.64 million, according to Spot On Chain.

Earlier in September, the former BitMEX CEO announced the closure of a short position on the leading cryptocurrency with a 3% profit.