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Hayes’ Investment Strategy Focuses on Ethereum and Solana Coins

Market Musing-g

Hayes’ Investment Strategy Focuses on Ethereum and Solana Coins

ETH

SOL

ARTHUR

SCF

SHIB

By ETHNews

Created 7 months ago, last updated 7 months ago

•

3 mins read

Hayes’ Investment Strategy Focuses on Ethereum and Solana Coins

October optimism for cryptocurrency market, historically bullish, drives Hayes’ strategic accumulations of meme coins.
Hayes interacts with followers, seeking community input to expand his meme coin portfolio further.

Arthur Hayes, is diversifying his cryptocurrency investments, focusing particularly on meme coins within the Ethereum and Solana blockchains. His largest holding includes PEPE, an Ethereum-based meme coin known for its active community and substantial liquidity.

Hayes has also ventured into the Solana blockchain, acquiring meme coins such as Smoking Chicken Fish (SCF) and Ponke (PONKE). This strategy aligns with Solana’s increased activity and its rising popularity as a hub for new meme coin projects.

I’m a religious man therefore I now own a bag of $SCF. pic.twitter.com/sFuGwsAFTZ

— Arthur Hayes (@CryptoHayes) September 28, 2024

In terms of market performance, Solana (SOL/USD) is currently showing a bearish trend, as indicated by its recent drop below the lower boundary of its ascending channel, now at approximately $156.50.

Source: Tradingview

Immediate support for Solana is seen at $154.00, with potential further declines to $151.35 and $149.03. Resistance levels in case of an upward reversal are at $159.34, followed by $161.50 and $163.79.

The Relative Strength Index (RSI) for Solana is at 48.17, suggesting weakening momentum, with a drop below 40 potentially indicating increased selling pressure.

Hayes is optimistic about the potential for meme coins, especially in October—a month historically positive for cryptocurrencies, referred to as “Uptober” by market enthusiasts.

According to data from SpotOnChain, Hayes has accumulated an impressive 24 billion PEPE tokens and has made substantial investments in Solana-based meme tokens like MOTHER and MOG.

Hayes is engaging with his followers, seeking suggestions to expand his meme coin portfolio further, emphasizing community-driven tokens and niche Solana-based coins for potential returns.

Arthur Hayes shared in a post on X that he is assembling a portfolio of meme tokens in anticipation of ‘Uptober,’ a period typically bullish for Bitcoin and the wider crypto market. His strategy involves trading these coins optimistically, given Bitcoin’s current stability.

Fam I need some help. It’s about to be UPtober and I need a PORTFOLIO of memecoins. I got $MOTHER, $MOG, $PEPE. Shill me your best memecoin.

— Arthur Hayes (@CryptoHayes) September 28, 2024

Meme coins are garnering attention again, buoyed by Bitcoin’s rally and the significant returns they offer. Dogecoin, for instance, has seen a 16% rise in one week, supported by notable endorsements like those from Elon Musk.