Twitter CEO Elon Musk has once again caused a frenzy in the cryptocurrency market, this time by sharing a meme featuring Pepe the Frog, the symbol of the recently emerged trendy meme coin PEPE. The crypto community immediately responded by sending PEPE images in the comment thread. As a result, the Pepe coin surged by over 60% following Musk’s tweet, according to data shared by Coingecko.
Explaining Constitutional Amendments pic.twitter.com/oYkMPBe9Zi
— Elon Musk (@elonmusk) May 13, 2023
Pepe coin emerged in April from an anonymous team of developers and quickly gained support from the crypto community. It has been listed on various major exchanges, including the Innovation Zone of Binance crypto giant, and reached an all-time high of $0.00000431 on May 5. Currently, despite the 62% growth, PEPE is changing hands 55.92% below the above-mentioned historic price peak.
Recently, crypto enthusiast David Gokhshtein made an assumption in his tweet that Elon Musk could be suppressing PEPE tweets, as he received many notifications that said those tweets were unavailable. However, Musk’s recent tweet seems to have provided a boost to the Pepe coin.
This is not the first time Musk has caused a surge in the value of a meme coin. Last week, he tweeted a meme allegedly related to Milady Meme Coin (LADYS), causing the recently launched coin’s price to skyrocket by as much as over 12,500%.
Curiously, according to Lookonchain “Smart Money” tracker, a whale bought a staggering 8 trillion LADYS one hour before Musk issued his allegedly-related-to-Milady tweet. Musk’s tweets often provoke price surges of cryptocurrencies, and he remains one of the top influencers in the crypto community.
On Friday, the LADYS meme coin was listed on the major Crypto.com exchange. With the recent surge in the value of both PEPE and LADYS, it will be interesting to see if other meme coins will also experience similar price movements in the near future. As always, investors are advised to exercise caution when investing in cryptocurrency and to do their own research before making any investment decisions.
Read more:
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