Move over, Dogecoin! Is PEPE Elon Musk’s new favourite?
Thanks to Elon Musk, the frog-themed memecoin has surged to new highs. But, is it just hype?
In a recent post on X (formerly Twitter), tech magnate and meme lover Elon Musk once again highlighted his fondness for this internet phenomenon.
His post on X featured a picture of the frog-themed cryptocurrency PEPE, sparking curiosity among his followers. The picture noted,
“The first amendment is for sharing memes with frens. The second amendment is for when they try and stop me from sharing memes with frens.”
Following Musk’s tweet featuring Pepe the Frog, the meme coin’s price surged by a staggering 23%, albeit followed by a significant decline. At press time, PEPE was down 12% and was trading at $0.000009257.
Crypto whale movements
On the same day, an unidentified crypto whale transferred a substantial amount of 2 trillion PEPE coins from Binance to Crypto.com. This hefty chunk of PEPE was valued at $20 million at the time of the transaction.
Just a day prior, an enigmatic trader deposited 500 billion PEPE, worth around $4.3 million on Binance, possibly gaining $1.32 million.
Since 2020, Elon Musk’s public embrace of memes started gaining notable traction. He has expressed particular enthusiasm for the original meme-inspired cryptocurrency Dogecoin [DOGE].
Remarking on the same, Musk had tweeted,
“Tesla merch buyable with Dogecoin.”
Recently, he also noted,
“He who controls memes, controls the universe…I’m the meme lord.”
Moreover, Musk’s tweet was shared by the official account of the Milady meme coin (LADYS), leading to speculation among investors. Interestingly, Musk’s previous meme-related post in mid-May 2023 featuring LADYS’ mascot resulted in an astounding surge of 12,056% for the cryptocurrency.
Separately, the PEPE post comes days after Musk equated fiat currency to “scam coins.”
All of these instances underscore Musk’s consistent advocacy for alternative currencies and his critical examination of the current financial system’s practices.
