He sold the memecoins he said would “go up” at a loss!

BitMEX founder Arthur Hayes sold two memecoins he shared about going up at a loss. The crypto community made fun of Hayes.

Hayes announced last week that he was turning to memecoins. The famous crypto investor announced that he invested in MOG and PEPE on the Ethereum blockchain on September 27.

Hayes had invested $250,000 in MOG and $250,000 in PEPE, totaling $500,000. Hayes, who announced his investments on X, commented, “I support these memecoins, they will go up.” Hayes, who influenced thousands of crypto investors, drew backlash when he sold the memecoins at a loss just 6 days later.

Arthur Hayes moved MOG and PEPE, which he bought for $500,000, to stock exchanges. On-chain data platform Spot On Chain announced that Hayes sold the memecoins in question at a loss of approximately $50,000.

Hayes moved 24.39 billion PEPE ($230,000) and 167.5 billion MOG ($223,000) from his wallet to exchanges the other day for sale.

The wallet transactions, published under the title “He accepted a loss of $47,000,” drew a reaction from investors. One crypto investor said, “Worst trade of all time.” Hayes did not provide a statement about the transactions in question.

MOG has lost 20 percent of its value since Hayes announced that he purchased the memecoins in question, while PEPE has fallen 18 percent.

Hayes had expressed his love for MOG, MOTHER, and PEPE in a post he shared on X. Hayes had said the following on September 27:

“It’s time for a memecoin frenzy. I believe in MOTHER, I find MOG much more attractive than the others, but I am not open to PEPE either.

Hayes also told an X user, “Just a little MOG, come join me.”


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