Arthur Hayes Moves $252K in PEPE—Is a Meme Coin Surge Coming?

• Arthur Hayes withdrew 24.3B PEPE from Binance, signaling his bullish stance on the meme coin.
• Hayes previously endorsed PEPE, MOTHER, and MOG, showing continued support for meme tokens amid Bitcoin’s resilience.
• PEPE’s bullish breakout and high Ethereum correlation have regained investor interest.

Arthur Hayes, the BitMEX co-founder and a key figure in the crypto market, withdrew 24.39 billion PEPE from Binance, an amount worth $252.6K from Binance while endorsing meme coins PEPE, MOTHER, and MOG, sparking investor enthusiasm.

Meme tokens, especially PEPE, have been making waves in recent months. PEPE, named after the internet-famous frog, has been showing bullish momentum, following Ethereum’s positive movements. After breaking out of a bullish continuation pattern and retesting support levels successfully, PEPE reignited investor interest, signaling that Hayes’ confidence in the token is based on solid market indicators.

Read also: Memecoins Rally: PEPE, BONK Lead the Charge, DOGE Lags

PEPE Exhibits High Correlation with ETH, Reinforcing Bullish Sentiment

Data from IntoTheBlock shows a high correlation between PEPE and ETH. PEPE’s 60-day correlation with ETH stood at 0.92, higher than with Bitcoin, which stood at 0.84, and a surge from June’s 0.91. The correlation coefficients range from -1 to +1. If the reading is close to -1, prices hardly move in the same direction, signifying an inverse relationship. On the other hand, if the reading is near +1, prices typically head in the same direction or a direct relationship. ETH and PEPE exhibit a strong positive correlation.

That said, Hayes’ investment in PEPE and his vocal support for other meme coins could lead to increased attention from traders, crypto enthusiasts, and even cautious institutions who are reluctant to invest in these asset classes. Despite their inherent volatility, meme coins, with the backing of high-profile investors like Hayes, are increasingly seen as viable speculative assets, especially when the broader crypto market stabilizes, as Bitcoin has been showing resilience.

Moreover, Hayes’ transfer of funds from Binance to private wallets suggests that he may be expecting future gains and potentially more significant market movements. In essence, the support of these tokens by a prominent figure like Hayes reflects a broader trend in the crypto world, where meme coins, despite their lighthearted origins, are attracting serious consideration due to their potential for high returns and their growing inclusion in mainstream crypto portfolios.