Arthur Hayes, co-founder of BitMEX, has made an unexpected shift by endorsing meme coins for trading, inspired by Bitcoin’s strong performance. Once a critic of Bitcoin, predicting a crash due to the Federal Reserve’s interest rate cuts, Hayes now admits he was wrong. In a recent post on X, he highlighted meme coins like the MOTHER token and encouraged traders to take advantage of this opportunity while Bitcoin remains stable.
What caused him to abandon his bearish stance? Let’s explore.
Among the meme coins he mentioned, the MOTHER token, launched by Australian rapper Iggy Azalea, stood out. Hayes pointed out that now is a great time to “trade some dogshit meme coins.” Since its launch in June, this Solana-based memecoin has surged by 280%, reaching a market cap of over $73 million. Currently, MOTHER is priced at $0.0747, up 3.50% in the past 24 hours.
Hayes’s recommendation reflects a larger trend in the altcoin market, where other meme coins like Shiba Inu (SHIB), Dogwifhat (WIF), and Floki (FLOKI) have also seen notable gains, some rising by double digits in the past week. MOTHER alone increased over 31%, boosted by Azalea’s announcement of an upcoming online casino, ‘Motherland,’ which will use the token for transactions.
The Fear and Greed Index currently sits at 50, showing market stability. This creates a favorable environment for meme coins to thrive as Bitcoin holds steady at $63,000.
Hayes initially forecasted that Bitcoin and the broader crypto market would tank after the Fed’s rate cuts. He believed the narrowing interest rate gap between the US dollar and Japanese Yen would trigger the crash. However, he has now accepted that his prediction was incorrect, pointing out that the Yen has continued to weaken.
Bitcoin, on the other hand, has remained resilient, with Hayes now leaning bullish, stating, “Let the good times roll.”
Other meme coins, such as Dogecoin (DOGE), are also set for potential rallies. A recent report by Coingape suggests that DOGE could achieve a 45% breakout if it surpasses the $0.11 resistance level, having already crossed a key RSI trendline. Hayes’s renewed interest in meme coins isn’t entirely new; earlier this year, he expressed interest in accumulating Dogwifhat, anticipating significant gains during this market cycle.
For traders and meme coin enthusiasts, Hayes’s latest insights may signal an exciting opportunity as the altcoin market gains traction. Does Hayes’ bullish view on meme coins align with your expectations for the market’s direction?
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