BitMEX’s Arthur Hayes Promotes New Memecoin, Price Surges

BitMEX's Arthur Hayes has once again promoted a Solana-based memecoin to his followers, triggering a surge in its price.

In a recent post on X, Hayes shared the Dextool profile of the FlowerAI (FLOWER) meme coin, using the phrase “kek,” which led to an immediate rally. At the time of the post, FLOWER was priced at $0.02232, but the coin’s value quickly spiked above $0.03, boosting its market capitalization from $22 million to $30 million.

This move has attracted some criticism from the crypto community, with some questioning why a prominent figure like Hayes would promote a low-cap coin. Accusations of manipulating the market for personal gain have also emerged, with detractors suggesting he is attempting to pump and dump the asset on his followers. Hayes has previously promoted other Solana meme coins, including Dogwifhat (WIF) and Solana AI meme coin Goatseus Maximus (GOAT), in addition to investing in lesser-known tokens like MOTHER and MOG.

In recent months, Hayes has made waves with his endorsement of Solana meme coin Deep Worm Price, which skyrocketed 180% following his mention. However, the coin’s market cap dropped after the initial surge, reflecting the volatility that often accompanies meme coin investments.

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Despite this, the Solana meme coin ecosystem has proven to be a significant driver for the Solana network itself. The rising demand for these tokens has contributed to Solana’s all-time high price of $263 and propelled it to lead other blockchains, including Ethereum, in decentralized exchange (DEX) volume.