According to CoinDesk reports, the popular meme-inspired cryptocurrency PEPE has experienced a 4% drop in value over the past 24 hours, as part of a broader market sell-off that has affected many other cryptocurrencies. This decline was further exacerbated by former BitMEX CEO Arthur Hayes selling his $414,000 position in the memecoin, citing concerns about macroeconomic risks and the potential impact of U.S. tariffs in the third quarter of the year. Hayes also sold off other altcoin holdings and accumulated stablecoins.
Hayes pointed to weakening economic conditions in the U.S. and a new tariff policy set to take effect on August 7, which will impose levies of up to 41% on imports from over 90 countries. This policy has caused uncertainty in the crypto market, particularly for speculative assets like memecoins. As a result, PEPE’s price dropped from a high of $0.00001083 to a low of $0.00001002, with a total of 3.26 trillion tokens being traded during this downturn, according to CoinDesk Research’s technical analysis data model.
The increase in trading volume suggests that some traders may have capitulated during this time. While the token did see a brief rally, testing resistance at the $0.00001080 level, sellers ultimately overwhelmed buyers in the final trading hour, causing the token to end the day in negative territory. Despite a slight recovery in the last few minutes of trading and a decrease in volume, indicating potential seller fatigue, overall sentiment remains weak. PEPE is currently down 32% from its peak in mid-July, reflecting a broader pullback in the memecoin sector.
The broader memecoin sector, as measured by the CoinDesk Memecoin Index (CDMEME), also experienced a 22.4% drop over the same period. It is important to note that parts of this article were generated with the assistance of AI tools and have been reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, please refer to CoinDesk’s full AI Policy.
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