PEPE surges as Arthur Hayes bets on meme coin

• PEPE’s price shot up 14% as meme coins rose, with Floki and Shiba Inu among the top gainers
• The price of Pepe increased as Arthur Hayes withdrew $250,000 in PEPE from Binance
• Hayes is also touting Mother Iggy (MOTHER) and Mog Coin (MOG)

Pepe’s (PEPE) price spiked more than 14% in 24 hours as the meme coin reacted upwards to a massive bet from Arthur Hayes, the former BitMEX CEO.

The uptick follows recent gains for PEPE alongside dogwifhat and Sei.

At the time of writing, the frog-themed meme coin was trading at $0.00001047, having deleted one zero as prices reached intraday highs of $0.00001071. Pepe’s trading volume rose 34% to over $1.3 billion.

These gains, followed closely behind Bitcoin’s rise to $65k and top altcoins seeking to mirror it, have seen PEPE rank among the top gainers on the day in the top 100 by market cap category.

Pepe’s market cap was $4.4 billion, up 14% in 24 hours. In terms of top gainers in the 100 largest coins by market cap, PEPE ranked behind Wormhole (W), whose price had increased by 17% to $0.32.

Floki (FLOKI), another flying meme coin, rose 14% while Shiba Inu (SHIB) also outpaced most altcoins with a 13% upside in the past 24 hours.

PEPE’s price soars amid Arthur Hayes bullish bet

The meme coin market is abuzz, with Solana-based baby hippo meme Moo Deng (MOODENG) outperforming all top 500 coins by market cap. However, many of the other meme coins are also seeing decent gains as traders bet on further upside momentum.

Crypto analyst Rekt Capital pointed to PEPE having broken its downtrend with the latest price rally.

$PEPE

PEPE also broke its multi-month Downtrend#PEPE #crypto #BTC https://t.co/HXzveqvwN8 pic.twitter.com/bF1Df1rcAK

— Rekt Capital (@rektcapital) September 27, 2024

PEPE has attracted the attention of Hayes who’s recently increased his bullish bet on Aethir (ATH), a decentralized cloud infrastructure platform for gaming and artificial intelligence.

As well as adding to his ATH position with another $1.5 million purchase on Friday, Hayes bought $250,000 worth of PEPE. The crypto investor and entrepreneur acquired the meme coins on crypto exchange Binance.

Other than PEPE, Hayes also recently talked about Mother Iggy (MOTHER) and Mog Coin (MOG).

It’s time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can’t neglect $PEPE.

Yachtzee Bitches!😘😘😘😘😘😘

— Arthur Hayes (@CryptoHayes) September 27, 2024