These are their latest purchases

Arthur Hayes, co-founder of crypto derivatives exchange BitMEX, believes the time has come for a meme coin breakout. As a result, he has added some chips to his portfolio to maximize his returns.

A series of tweets from the American businessman revealed that he has been buying several meme coins, including Pepe (PEPE), Mother Iggy (MOTHER) and Mog Coin (MOG).

Incoming Meme Coin Season?

Earlier this week, Hayes posted a tweet asking American rapper and celebrity Iggy Azalea, also the creator of MOTHER, if she could be his mother, a move meant to express her support for the songwriter’s sample.

Hayes admitted he was wrong in his prediction that the Federal Reserve’s recent rate cut would strengthen the Japanese yen and risk assets like bitcoin (BTC). As the cryptocurrency held up well over the past weekend, he believed it was an opportunity to let the good times pass.

“Time to trade some dog meme coins,” he added.

In subsequent posts, Hayes stated that he doubled his MADRE position, is “martingale” the token, and expects the meme coin’s market cap to rise to $1 billion. Data from CoinMarketCap showed that Mother Iggy’s market capitalization stands at $986 million at the time of writing.

Earlier on Friday, Hayes revealed that he’s also acquiring more MOG and PEPE, inviting his friend to join the spree. On-chain data accessed by blockchain intelligence platform Lookonchain indicated that Hayes has already withdrawn 24.39 billion PEPE worth approximately $252,680 from crypto exchange Binance.

“Time for a memecoin break. I respect my $MOTHER, I $MOG like nobody but I can’t neglect $PEPE. Yachtzee Bitches!” Hayes stated.

Not just Meme Coins

A separate tweet from Lookonchain revealed that Hayes isn’t just bullish on meme coins. The crypto enthusiast has been buying millions of Aethir (ATH), the native token of the decentralized cloud infrastructure project Aethir, since mid-August.

Most of the funds used to buy ATH came from sales of Hayes’ Pendle (PENDLE). The businessman said his family office fund, Maelstrom, has been reducing its PENDLE position to fund a “special situation”. Regardless of the sales, the fund still believes that PENDLE has the potential to lead the crypto interest rate derivatives market; therefore, Hayes remains bullish on the asset.

After Hayes’ latest ATH purchase on Friday morning, the BitMEX co-founder’s holdings have grown to 116.63 million ATH worth approximately $7.5 million.

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