PEPE Slides Nearly 4% as Tariff Fears and Hayes’ Exit Fuel Sell-Off
PEPE fell close to 4% over the last 24 hours, dropping from $0.00001083 to $0.00001002, as the broader crypto market continued to reel from macroeconomic uncertainty.
The downturn was triggered in part by former BitMEX CEO Arthur Hayes, who liquidated his $414,000 PEPE position. Hayes cited concerns over rising U.S. trade tensions, with sweeping new tariffs — up to 41% — set to begin on August 7 across imports from more than 90 countries. Hayes also exited several other altcoin holdings and rotated into stablecoins.
The selling pressure weighed heavily on PEPE, with more than 3.26 trillion tokens changing hands during the decline, signaling widespread trader capitulation, according to CoinDesk Research data.
The memecoin briefly rallied earlier this week, testing resistance at $0.00001080, but was swiftly rejected as sellers regained control. Despite a modest late-session recovery and fading volume, price action remains bearish.
PEPE is now trading down 32% from its July high, mirroring broader weakness in the memecoin sector. The CoinDesk Memecoin Index (CDMEME) has shed over 22% during the same period.
