Today — The memecoin PEPE has fallen 32% from its mid-July high, extending a two-day pullback that spilled across altcoins as traders de-risked on fresh tariff headlines and macro uncertainty. CoinDesk reported the token slipped nearly 4% in 24 hours, with spot prices dipping from about $0.00001083 to $0.00001002, as risk appetite cooled and short-term holders hit the sell button.
The retreat comes alongside broader market jitters. On Tuesday, a crypto-wide swing lower pushed major tokens into the red; BNB slid under $750 after bitcoin’s drop triggered roughly $360 million in liquidations over 24 hours, according to CoinDesk’s markets desk. While large-cap coins steadied into Wednesday, memecoins remained fragile as order books thinned and momentum traders exited.
Why PEPE is under pressure
- Macro shock and tariffs narrative. The latest leg lower followed a fresh bout of “tariff jitters” that unnerved risk assets and dented speculative pockets of crypto, with PEPE among the hardest hit. CoinDesk framed the sell-off as capitulation by short-term traders rather than a structural shift in network fundamentals.
- High-profile de-risking. Former BitMEX CEO Arthur Hayes exited a $414,000 PEPE position, citing macro risks—an anecdote that reinforced the “sell first, ask later” tone among meme-coin traders. The unwind contributed to negative sentiment even if the notional size was modest relative to daily volumes.
- Cross-market spillovers. The dip synced with a broader rotation back to majors and cash. A separate CoinDesk wrap noted bitcoin’s struggle to hold the $115,000 area and a fading “altseason” narrative, both of which tend to compress liquidity in fringe tokens like PEPE.
From mid-July peak to early-August stress
PEPE’s late-spring/early-summer run-up drew in new holders as on-chain data pointed to increased whale balances and shrinking exchange supply into July 9, when the token rose 3% even as tariff worries briefly flickered. That accumulation theme has now run into macro headwinds, with the price retracing to a zone watched by short-term momentum funds.
Syndicated headlines echoed CoinDesk’s view of a 32% drawdown from the July top and a roughly 4% 24-hour decline into Tuesday’s U.S. afternoon session, underscoring how quickly sentiment has flipped.
What the tape is saying now
Market structure helps explain the outsized swings:
- Thin liquidity, wider slippage. Memecoins trade on a patchwork of centralized order books and on-chain pools; when macro headlines hit, market-makers widen spreads or step back, amplifying every market order’s impact.
- Funding and leverage reset. As bitcoin slipped, perp funding cooled and leverage bled out—conditions that typically force profit-taking in high-beta tokens first. The BNB move below $750 and the liquidation tally show deleveraging wasn’t confined to memecoins.
- Narrative fatigue. CoinDesk’s morning note flagged that the “altseason right now” chorus weakened as traders rotated back to large caps or the sidelines, leaving fewer dip-buyers beneath extended charts.
Key levels and signals to watch
- July breakout area: Traders are watching the $0.00001000–0.00001080 band where PEPE last churned before its July highs. A decisive reclaim on rising volume would suggest seller exhaustion; repeated rejections keep pressure on. (CoinDesk’s print cited the move from $0.00001083 to $0.00001002 during the latest 24-hour window.)
- Exchange balances & whale wallets: The July upswing coincided with whale accumulation and a 2.9%decline in exchange supply, per CoinDesk’s earlier data pull. If that trend resumes—balances drifting off exchanges while large holders add—it can underpin a bounce even without macro relief. If not, bounces may fade.
- Macro calendar & tariff headlines: With tariffs in the spotlight, any escalation or moderation can swing risk appetite intraday. For high-beta assets, the direction of macro news often matters more than the specifics.
- Liquidations and funding: Another round of outsized liquidations—like those seen as bitcoin slid—could force “sell what you can” flows into memecoins again. Conversely, normalized funding and moderating basis would de-stress the tape.
The bigger picture for memecoins
PEPE’s slide doesn’t exist in a vacuum. As CoinDesk’s markets team has noted throughout 2025, memecoin leadership tends to follow liquidity conditions rather than set them: when bitcoin is stable and funding is cheap, speculative pockets thrive; when macro shocks hit, beta works both ways. That dynamic was visible on Tuesday—majors wobbled, leverage came out, and meme tokens absorbed the brunt.
Bottom line
- The facts: PEPE is down ~32% from July’s high and ~4% on the day into Tuesday’s close, per CoinDesk; Hayes’ public exit and tariff anxiety amplified the move.
- The context: A broader risk-off impulse swept crypto, with bitcoin wobbling and BNB slipping below $750 as liquidations mounted—conditions that usually hit memecoins hardest.
- What’s next: Watch exchange balances, whale flows, and whether macro tension eases. Without a steadier tape in majors, PEPE’s attempts to base could remain fragile.
For traders, that means treating rallies with caution until liquidity returns and macro stops dictating every downtick. For longer-term holders, the July-to-August swing is a reminder that memecoin returns are levered to sentiment—on the way up and on the way down.