PEPE Slips Nearly 4% as Tariff Fears and Market-Wide Sell-Off Rattle Traders

Meme-based token PEPE extended its recent decline, losing close to 4% over the past 24 hours as macroeconomic concerns and a broad crypto sell-off pressured speculative assets. The token dropped from $0.00001083 to $0.00001002 before stabilizing near session lows.

The downturn coincided with a notable move by former BitMEX CEO Arthur Hayes, who liquidated his $414,000 PEPE position alongside other altcoins, reallocating capital to stablecoins. Hayes cited growing macroeconomic risks, particularly related to upcoming U.S. tariffs scheduled to take effect on August 7. The new policy will impose tariffs as high as 41% on imports from over 90 countries — a move Hayes believes could strain markets already dealing with economic uncertainty.

PEPE’s decline was underscored by heavy trading activity, with 3.26 trillion tokens changing hands during the session. Data from CoinDesk Research indicates this spike in volume may reflect capitulation among retail traders, especially after a failed attempt to reclaim resistance near $0.00001080.

Although PEPE managed a modest bounce late in the session as selling pressure eased, the broader trend remains bearish. The token is now down 32% from its mid-July high, aligning with a wider pullback across the meme coin space.

The CoinDesk Memecoin Index (CDMEME) has shed 22.4% over the same period, highlighting investor caution as appetite for high-risk digital assets wanes.