The price of Pepe (PEPE) has experienced a sharp decline, plunging to $0.00001 on Saturday, August 2, 2025, and shedding over 21% of its value during a five-day losing streak. This latest leg of the downturn comes amid a significant $13 million crypto sell-off by BitMex co-founder and macro strategist Arthur Hayes, which included approximately $414,700 worth of PEPE tokens. While such high-profile sales often trigger market panic, the price appears to have found support at a psychologically significant level, raising questions about its immediate future.
Hayes’ Sell-Off and Its Market Impact
According to on-chain data from Lookonchain, Arthur Hayes’s sell-off included 2,373 ETH, 7.76 million ENA, and 38.86 billion PEPE tokens, which were valued at approximately $8.32 million, $4.62 million, and $414,700, respectively. The sale of PEPE was followed by an immediate 4% price decline within 24 hours, reflecting the market’s sensitivity to moves by influential figures. Major sell-offs from such key opinion leaders and long-term investors can often signal heightened market panic, leading many to question whether the bullish cycle is over.
However, analysts suggest that the double-digit corrections seen in top altcoins and memecoins like PEPE are more likely attributed to traders booking profits after a significant rally. With Bitcoin still consolidating well above $113,000, the market’s foundation remains relatively stable, suggesting that this is a period of rebalancing rather than a complete reversal of the bullish trend. Hayes himself cited macroeconomic pressures, such as concerns over U.S. tariffs and weak job data, as reasons for his sell-off, framing it as a tactical hedge against potential market turbulence.
Technical Outlook and Key Price Levels
PEPE’s intraday price action on Saturday shows signs of market stabilisation after its recent sharp decline. The daily candle body has flattened and trading volumes have thinned, suggesting that the market is beginning to find a balance and that selling pressure is becoming less aggressive. The price is currently hovering just above the lower Bollinger Band at $0.00001024, with resistance from the 20-day Exponential Moving Average (EMA) looming at $0.00001249.
While the MACD line remains below the signal line, keeping PEPE in bearish territory, the histogram bars are starting to shrink, which hints at a decline in selling pressure. If PEPE can successfully maintain support at the $0.000010 level through the weekend, traders may see a rebound attempt towards the $0.000012–0.000013 zone, where the 20-day EMA and mid-Bollinger level converge. A breakout above this zone could pave the way for a retest of the $0.00001450 resistance level.
Conversely, if Arthur Hayes or other whale wallets resume heavy selling, the $0.000010 support could be breached, potentially exposing PEPE to deeper support levels near $0.000009 or even $0.000008. With Bitcoin’s consolidation above $110,000 providing a degree of stability to the broader markets, PEPE’s near-term price trajectory will heavily depend on whether the current wave of whale exits continues or if savvy dip-hunting traders view the $0.00001 level as a strategic re-entry point. The current price action represents a crucial moment for PEPE as bulls attempt to defend this key psychological support level against further downside risk.
