thenewscrypto.com
- Arthur Hayes took a $47K hit after dropping $500K on $PEPE and $MOG.
- Hayes deposited 24.39 billion $PEPE and 167.5 billion $MOG back to Binance and Bybit.
The crypto market has been struggling to break the bearish pressure as Uptober began. The bearish sentiment drove the overall market cap to $2.14 trillion. The leading cryptocurrency, Bitcoin (BTC), dropped to $59.9K, and Ethereum (ETH) also faced a sharp downturn, falling to $2.3K.
Amid this, the former BitMEX CEO Arthur Hayes recently announced his support for the three meme coins—$PEPE, $MOG, and MOTHER. It triggered the token’s price momentum. He spent an approximation of $500K on these tokens.
According to recent on-chain data, Hayes confronted a $47K loss six days after his announcement. Hayes has deposited 24.39 billion $PEPE, worth $230K, and 167.5 billion $MOG, valued at $223K, back to the exchanges like Binance and Bybit.
On the other hand, Arthur Hayes previously made a move in the crypto market by selling 350K $PENDLE, worth $1.26 million, as per the on-chain data. He initially purchased 392,911 $PENDLE for $2.2 million between May 20 and June 21 at around $5.60 per token.
Price Movements of $PEPE and $MOG
Hayes’ acquisition of $PEPE triggered the token surge in value in the market. On September 27, $PEPE spiked to the price range of $0.00001070. Currently, $PEPE is trading at $0.000009274, down by 6.90% in the last 24 hours. Besides, the trading volume has dropped by 33.20% to $1.22 billion, according to CMC data.
Looking ahead, the nearby resistance is found at $0.000009316. A bullish surge could take the price higher, while a strong bear hold may push it down to $0.000009187.
In addition, $MOG is currently trading at $0.000001391, losing over 7.15% in the past 24 hours. The trading volume of the token is down by 35.65% to $20 million. Hayes’ support made the $MOG price spike to the $0.00000169 range, as per CMC data. The nearby resistance of the token might be at $0.000001447, and the immediate support can be found at $0.000001264.