MEME-Inspired Cryptocurrency Pepe lost nearly 4% of its value in the last 24 hours in the middle of a wider market sale affecting most cryptocurrencies.
Former Bitmex CEO Arthur Hayes sold his $ 414,000 position in Memecoin with reference to macroeconomic risk on the potential impact of US customs in the third quarter of the year. Hayes’ sales also included other Altcoin Holdings when he accumulated stableecoins.
Hayes pointed to weakening US economic conditions and a sweeping new customs policy to take effect on August 7, which will spend up to 41% on imports from more than 90 countries.
The policy has sent jitters through the crypto market and affects speculative assets like Memecoins. Pepe’s price fell from a high of $ 0.00001083 to a low level of $ 0.00001002, with a total of 3.26 trillion token’s changing hands during the downturn, according to Coindesk Research’s technical analysis data model.
This increase in volume suggests capitulation of some dealers. The token eventually settled near its session low, where it is currently shopping.
Depreningen follows a short demonstration that had seen PEPE test resistance around $ 0.00001080 level. But sellers overwhelmed buyers during the final trade time, turned gains, and push the token to negative territory.
Despite a modest recovery in the last minutes of trade, along with a decrease in volume that may indicate the seller’s fatigue, the mood remains weak. Pepe is now down by 32% from its mid-July and mirrors a wider withdrawal in the meme coin sector.
The wider Memecoin sector, measured by the Coindesk Memecoin Index (CDME) index, dropped 22.4% in the same period.
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