Excitement has returned to the broader crypto market as Bitcoin momentarily crossed the $64,000 threshold earlier today, September 3. Ethereum bulls are also charged up, with Ether crossing $2,600 and leading the altcoin rally.
With Bitcoin soaring, meme coins have entered some investors’ radar, anticipating significant rallies soon. BitMEX co-founder Arthur Hayes has made a U-turn in his market crash prediction, saying it’s time to trade meme coins.
BitMEX Co-Founder Recommends Meme Coins As Bitcoin Surges
In an X post, Arthur Hayes said it’s time to trade some dogshit meme coins.” He referenced Mother Iggy (MOTHER), a meme coin created by Iggy Azalea, an Australian rapper. He wrote in the post: “@IGGYAZALEA, can you be my $MOTHER?”
.@IGGYAZALEA can you be my $MOTHER?
I was wrong $JPY weakening, $BTC held up well over the weekend. LFG, and let the good times roll.
Time to trade some dogshit meme coins.
— Arthur Hayes (@CryptoHayes) September 23, 2024
Last week, Hayes was bearish on Bitcoin, predicting a market crash once the US Federal Reserve announces a 50 basis point rate cut.
According to report, he said, “I think if they go 50, that will be a nuclear catastrophe for financial markets. […] That will come through in much more depressed prices after that fact.”
Hayes claimed that narrowing the interest rate gap between the Japanese Yen and the US dollar would lead to a market crash, weakening BTC’s price. However, he has made a U-turn, admitting his prediction was wrong in his recent X post.
The BitMEX founder noted that contrary to his previous expectation, “BTC held up well over the weekend.” He added, “Let the good time roll.” This shows Hayes now believes the market will be bullish going forward.
The Fed cut, now all eyes are on BOJ meeting decision due this Friday.
Watch USDJPY like a hawk.
In the very short term:
$JPY weak = $BTC strong $JPY strong = $BTC weak
— Arthur Hayes (@CryptoHayes) September 19, 2024
Meme Coins Soar Higher
Meme coins have made a remarkable comeback, towing Bitcoin’s path following the Fed’s rate cut announcement. Meme coins like Pepe, Floki Inu, JasmyCoin, Shiba Inu, and Dogwifhat have posted impressive gains over the past week.
In the last seven days, Dogewifhat (WIF) has surged nearly 15%, JASMY has increased over 10%, FLOKI has increased over 10%, and SHIB has seen a 9.71% increase.
During this period, Mother Iggy (MOTHER) posted notable gains, attracting the attention of investors, including Arthur Hays. Over the past seven days, MOTHER has surged 32.97% and trades at $0.007197. Iggy Azalea’s announcement about launching an online casino called Motherland in November drives this rally.
According to the announcement, the casino’s activities will be powered by the meme coin MOTHER, which adds utility to the coin.
The flagship meme coin, Dogecoin, has also recorded moderate gains. Dogecoin trades at $0.1073, a 5% increase over the past seven days.
These meme coins are expected to record more significant price rallies soon. Some reports have even predicted that DOGE could rally 45% if it breaks above the $0.11 resistance level in the coming days.
Meanwhile, this isn’t Arthur Hayes’ first time recommending meme coins as a good investment option after predicting a Bitcoin bottom. The crypto co-founder said he would load up Dogwifhat (WIF) in January. He noted that Dogwifhat will be among the top gainers in this market cycle.
"Yellen or Talkin'?" is an essay on why I think the $BTC slump is pointing to a TradFi mini-financial crisis, and it will bottom in the $30k to $35k range.https://t.co/uwiLscKwzW pic.twitter.com/zRpUcE6TIz
— Arthur Hayes (@CryptoHayes) January 23, 2024
Check out the best crypto presales to invest now
Our Editorial Process
Our Editorial Process
Share 
Rida Fatima Crypto Journalist 
Question & Answers (0)