BitMEX founder Arthur Hayes says he sold SOL for ETH: Here’s his prediction

December 22, 2023 04:21 AM PST | By Invezz

BitMEX founder Arthur Hayes says he sold SOL for ETH: Here’s his prediction — Image source: Invezz

BitMEX founder predicts Ethereum to $5k

BitMEX founder Arthur Hayes has posted on his X social media account that he sold his Solana (SOL) holdings and used the proceeds to buy more Ethereum (ETH).

Hayes move comes as Solana surged to highs of $99 on December 22, overtaking both XRP and BNB in market cap to rank fourth. Open interest in the cryptocurrency has reached 1.25 billion. Over the past several weeks, Hayes has posted about SOL going to $100. The token’s price has gained by more than 70% in the past month.

But while SOL has far outperformed ETH in 2023, the crypto entrepreneur and industry personality’s outlook is bullish on Ethereum.

According to the former BitMEX CEO, the world’s second largest cryptocurrency asset by market cap could surge to reach $5,000. Notably, ETH spiked to an all-time high above $4,800 during the last bull market.

Arthur Hayes is long crypto

Other than his bullish outlook on ETH, Hayes has maintained that crypto is here to stay and that there might be no better time to be “long crypto.” He has also weighed on the Bitcoin ETFs latest debate – the question of either cash or in-kind creation.

According to him, while “in-kind” creations and redemptions are “simpler and cleaner for the fund,” cash offers more power. But this could see “only politically connected brokers and exchanges” in the US utilised as counterparties, he notes.

“It will be interesting to observe how the market micro structure changes if at all. Will price discovery move from East to West? Will the most important time to trade be Mon-Fri at 4pm EDT when the creation / redemption window closes?” he posited.

Hayes however thinks this scenario could present a host of arbitrage opportunities for investors who can take advantage across both US-based and non-US crypto exchanges.

Is this a good time to buy Memeinator?

As the market eyes a bull market rally, with the likes of Bitcoin, Ethereum and Solana likely to explode in value, the investor community also knows about the potential for staggering returns from relatively unknown gems.

Market analysts have pointed to L2 tokens, AI and gaming as some of the big trends to watch. Also attracting huge attention is the meme coin world, particularly after the outsized performances recorded by Solana-based Bonk (BONK).

Memeinator (MMTR), a new AI-related meme coin in presale, is nonetheless emerging as a potential challenger. According to the whitepaper, Memeinator will offer real utility to its community. It includes a gaming platform, NFTs and staking – features that sets the project apart as well as against weak meme tokens that offer nothing but hype-based speculation.

By overtaking these worthless meme coins, Memeinator targets to reach $1 billion in market cap. Currently, only Bonk, Shiba Inu and Dogecoin are meme coins with a market cap of over $1 billion.

Memeinator presale nears $2.4 million

Memeinator’s presale was initially 29 stages but was reduced to 20 after community suggestion and feed. Since the reduction earlier this month, the MMTR token sale has accelerated.

As of December 22, the project has raised nearly $2.4 million, with stage 9 offering presale participants a chance to buy MMTR at $0.0157. There’s a Christmas offer of 10% bonus for investors who buy $5k or more worth of the token.

Interested participants can also enjoy numerous other goodies during the presale. Staking is also available ahead of Memeinator’s highly anticipated launch.

The post BitMEX founder Arthur Hayes says he sold SOL for ETH: Here’s his prediction appeared first on Invezz

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