- Arthur Hayes hints at coming into meme coin trades after Bitcoin holds agency.
- MATKA, a Solana-based token, is a part of the dialogue.
- Dogecoin is up over 4.05% whereas SHIB is up over 8%
Arthur Hayes, co-founder of BitMEX, has sparked pleasure within the crypto neighborhood by suggesting that now could be the time to purchase extra meme cash. His feedback come after he acknowledged that the Japanese Yen (JPY) didn’t weaken as anticipated and Bitcoin held up properly over the weekend.
“I used to be mistaken concerning the JPY weakening. BTC held up properly over the weekend,” Hayes wrote this morning. Whereas acknowledging his mistaken prediction, he hinted at his subsequent transfer in cryptocurrency. “Time to alternate some canine meme cash,” he talked about.
The MOTHER token catches Hayes' eye
Among the many meme cash catching Hayes' consideration is MATKA, a token constructed on the Solana blockchain. Linked to the music business and created by rapper Iggy Azalea, the MOTHER token has garnered appreciable consideration.
The coin combines fan engagement with decentralized finance (DeFi), which represents a novel use case for meme cash. MOTHER memecoin is presently buying and selling at $0.0732, up 0.6% within the final 24 hours.
Notably, Hayes can be wanting into dog-themed coin memes, probably the most well-known of that are Dogecoin and Shiba Inu. Over the previous week, Dogecoin has gained over 4.05%, whereas SHIB has seen a extra spectacular efficiency, gaining over 8%.
Whereas Hayes' help is a little bit of a stretch, the meme market might even see some extra bullish exercise for these high dog-themed cash.
Hayes' earlier forecast on the Japanese yen
Hayes' prediction concerning the correlation between Bitcoin and the Japanese Yen (JPY) got here on September nineteenth. On the time, he said: “Within the very quick time period: JPY weak = BTC sturdy, JPY sturdy = BTC weak.”
He urged merchants to maintain an in depth eye on the USD/JPY alternate charge, particularly forward of the Financial institution of Japan (BOJ) assembly. His forecast recommended {that a} weaker yen would help bitcoin, whereas a stronger yen might weigh on it.
Nonetheless, even when it didn't weaken as anticipated, Bitcoin remained sturdy over the weekend. Since his prediction final week, Bitcoin has held above the $62,000 area and is presently buying and selling at $63,692, up 1.2% within the final 24 hours.
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