Bitcoin’s Energy Prompts Arthur Hayes to Discover Meme Cash

• Arthur Hayes hints at getting into meme coin trades after Bitcoin holds sturdy.
• MOTHER, a Solana-based token, is a part of the dialogue.
• Dogecoin has surged by over 4.05%, whereas SHIB has registered an over 8% achieve

Arthur Hayes, co-founder of BitMEX, has stirred up pleasure within the crypto group by suggesting that now’s the prime time to purchase extra meme cash. His feedback come after acknowledging that the Japanese yen (JPY) didn’t weaken as anticipated, and Bitcoin held up nicely over the weekend.

“I used to be unsuitable about JPY weakening. BTC held up nicely over the weekend,” Hayes posted earlier this morning. Whereas he acknowledged his unsuitable prediction, he gave a touch of his subsequent transfer in crypto. “Time to commerce some dogshit meme cash,” he talked about.

MOTHER Token Catches Hayes’ Eye

Among the many meme cash catching Hayes’ consideration is MOTHER, a token constructed on the Solana blockchain. The MOTHER token, tied to the music trade and created by rapper Iggy Azalea, has generated important consideration. 

The coin combines fan engagement with decentralized finance (DeFi), presenting a novel use case for meme cash. At present, the MOTHER memecoin is buying and selling at $0.0732, a 0.6% improve within the final 24 hours.

Notably, Hayes can be eyeing dog-themed meme cash, essentially the most well-known being Dogecoin and Shiba Inu. Over the previous week, Dogecoin has elevated by over 4.05%, whereas SHIB has seen a extra spectacular efficiency, gaining over 8%.

Even when Hayes’ endorsement is considerably tongue-in-cheek, the meme market may even see additional bullish exercise for these high dog-themed cash.

Hayes’ Earlier Prediction on the Japanese Yen

Hayes’ prediction relating to the correlation between Bitcoin and the Japanese yen (JPY) got here on September 19. On the time, he said, “Within the very quick time period: JPY weak = BTC sturdy, JPY sturdy = BTC weak.” 

He urged merchants to look at the USD/JPY alternate charge carefully, particularly main as much as the Financial institution of Japan’s (BOJ) assembly. His forecast indicated {that a} weakening yen would increase Bitcoin, whereas a stronger yen may weigh on it. 

Nonetheless, despite the fact that the yen didn’t weaken as anticipated, Bitcoin remained sturdy over the weekend. Since his prediction final week, Bitcoin has stayed above the $62,000 area, at the moment buying and selling at $63,692, a 1.2% rise within the final 24 hours.