Former BitMEX CEO Arthur Hayes sold his $414K position in meme-inspired cryptocurrency PEPE amid heightened macroeconomic risks and evolving U.S. tariff policies.
Meme-inspired cryptocurrency PEPE lost nearly 4% in 24 hours during a broad market sell-off. Former BitMEX CEO Arthur Hayes sold his $414,000 position, along with other altcoin holdings, to accumulate stablecoins amidst concerns over new U.S. tariffs imposing up to 41% on imports from over 90 countries. PEPE’s price fell from $0.00001083 to $0.00001002 with 3.26 trillion tokens traded, and the token is now down 32% from its mid-July peak, while the broader memecoin sector dropped 22.4%.