Arthur Hayes, the co-founder of BitMEX, has recommended trading meme coins since Bitcoin is holding up well. Hayes, who had before now been bearish on BTC’s price, also admitted that he was wrong about predicting a crash. The crypto founder had previously stated that the flagship would crash once the Fed cut interest rate.
Arthur Hayes Recommends Trading Meme Coins
Hayes has recommended trading these altcoins, as he mentioned in an X post that it was time to “trade some dogshit meme coins.” The crypto founder referenced the MOTHER meme coin, created by Australian rapper Iggy Azalea while revealing that it was an excellent time to trade these coins since Bitcoin is holding up well.
Before now, Arthur Hayes predicted that Bitcoin and the broader crypto market would crash following the Fed rate cuts. He claimed the crash would happen as the interest rate gap between the US dollar and the Japanese Yen narrowed. However, in his recent post, Hayes admitted he was wrong, seeing as the Japanese Yen is weakening.
The crypto founder also noted that Bitcoin held up well over the weekend. In line with this, he remarked, “Let the good times roll,” indicating that he was now bullish on the future trajectory of the crypto market.
Meme Coins Make Impressive Recovery
This category of altcoins has made an impressive recovery alongside Bitcoin since the Federal Reserve cut interest rates. The top meme coins like Shiba Inu (SHIB), Dogwifhat (WIF), and Floki (FLOKI) have all witnessed double-digit gains in the last seven days. The MOTHER meme coin Arthur Hayes referenced has surged over 31% during this period.
The MOTHER token has also enjoyed these gains thanks to Iggy Azalea’s announcement that she will launch an online casino named ‘Motherland’ in November. This casino will be powered by the MOTHER coin, which adds utility to the coin.
Meanwhile, these coins, including Dogecoin, are still expected to enjoy significant rallies soon enough. Per a Coingape report, Dogecoin price could enjoy a 45% bullish breakout if two conditions are met. The first has already happened as DOGE’s Relative Strength Index (RSI) broke the descending trendline on its daily chart. The coin must break above the $0.11 resistance level to confirm this bullish breakout.
It is worth mentioning that this isn’t the first time that Arthur Hayes has discussed meme tokens and suggested they were a good investment option. In January this year, he mentioned that he would accumulate Dogwifhat. He also indicated that WIF will be one of the biggest gainers in this market cycle.
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