- Arthur Hayes has hinted at entering into the meme coin commerce after Bitcoin continues to carry out strongly.
- MOTHER, a Solana-based token, has additionally been a subject of debate.
- Dogecoin surged over 4.05% whereas SHIB recorded an increase of over 8%.
BitMEX co-founder Arthur Hayes has stirred pleasure within the crypto neighborhood by suggesting that now is a good time to purchase extra meme cash. His feedback come after noting that the Japanese Yen (JPY) didn’t fall as a lot as anticipated and Bitcoin held up over the weekend.
“Was unsuitable concerning the yen weakening. BTC held up over the weekend,” Hayes posted early this morning. Whereas he admitted he was unsuitable, he did supply a touch on the subsequent transfer in crypto: “Time to commerce shitty meme cash,” he mentioned.
The Mom Token catches Hayes' eye
Among the many meme cash which have caught Hayes's consideration is MOTHER, a token constructed on the Solana blockchain. The MOTHER token, which has ties to the music business and was created by rapper Iggy Azalea, has been garnering a whole lot of consideration.
The coin combines fan engagement with decentralized finance (DeFi), presenting a novel use case for a meme coin. Presently, MOTHER meme coin is buying and selling at $0.0732, up 0.6% previously 24 hours.
Notably, Hayes has additionally been keeping track of dog-themed meme cash, most notably Dogecoin and Shiba Inu. Over the previous week, Dogecoin has risen by over 4.05%, whereas SHIB has carried out much more impressively, rising by over 8%.
Even when Hayes' endorsement is considerably tongue-in-cheek, the meme market might even see additional bullishness for these common dog-themed cash.
Hayes' earlier forecast for the Japanese yen
Hayes predicted a correlation between Bitcoin and the Japanese Yen (JPY) on Sept. 19. On the time, he mentioned, “Within the very quick time period, weak JPY = robust BTC, robust JPY = weak BTC.”
He urged merchants to carefully monitor the USD/JPY trade price, particularly forward of the Financial institution of Japan (BOJ) assembly, suggesting {that a} weaker yen may enhance Bitcoin, whereas a stronger yen may weigh on it.
Nonetheless, Bitcoin remained robust all through the weekend despite the fact that the yen didn’t fall as anticipated. Since his prediction final week, Bitcoin has risen above the $62,000 stage and is at present buying and selling at $63,692, up 1.2% previously 24 hours.
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