Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, has thrown his hat into the memecoin ring, expressing interest in Australian rapper Iggy Azalea’s ‘Mother’ token (MOTHER). Hayes, known for his keen observations of the cryptocurrency market and U.S. macroeconomy, sees an opportunity in the recent weakening of the Japanese Yen against a stable Bitcoin.
In a post on X (formerly Twitter) on Sunday night, Hayes highlighted how Bitcoin held its ground over the weekend while the Yen fell following the Bank of Japan’s decision to keep its benchmark interest rates unchanged. This, according to Hayes, creates a favorable environment for trading memecoins.
With a touch of humor, Hayes asked Azalea, “Iggy Azalea, can you be my $MOTHER?” He holds roughly $28.63 million in digital assets, according to Arkham Intelligence.
Since its launch in June, MOTHER has enjoyed a meteoric rise, growing by a whopping 280% and amassing a market cap of over $73 million. While concerns about celebrity-promoted cryptocurrencies and their fleeting hype are common, Azalea’s token has found a practical application. Last week, the Grammy-nominated artist announced plans to launch an online casino called Motherland, which will utilize the MOTHER token.
However, Azalea has refuted reports of a simple online casino, clarifying that Motherland is more complex than initially portrayed. She encourages further research on her social media and Telegram channels for a better understanding.
At the time of writing, MOTHER was trading at $0.0747, up 3.50% in the last 24 hours, according to CoinMarketCap.
Hayes’ interest in MOTHER highlights the growing popularity of memecoins, which have gained traction in recent years. While their success is often attributed to hype and community involvement, their adoption in real-world applications, as seen with Azalea’s Motherland, could provide them with long-term sustainability.
