Pepe (PEPE) defies market sentiment with 6% rise after Elon Musk interaction: details

TL;DR

Amid a broader drop in meme coins, PEPE rose 6%, with a market cap that topped $8 billion. Its revival came shortly after Elon Musk changed his profile picture to X with a frog dressed as a Roman soldier. PEPE on the run

The latest crypto market correction has hit the meme coin sector hard, with many tokens recording substantial weekly drops. For example, Shiba Inu (SHIB) is down 6%, while dogwifhat (WIF) is down 9%.

The last 24 hours have also been painful for the bulls, with SHIB, BONK, PENGU and many more heading south.

However, Pepe (PEPE) defied the negative trend, posting a 6% price increase. The frog theme token also saw its market cap rise back above $8 billion, cementing it as the third largest meme coin.

PEPE Price, Source: CoinGecko

PEPE’s resurgence could be related to one of Elon Musk’s last interactions on X. The owner of the social media platform changed his profile picture to Kekius Maximus, a frog wearing Roman armor.

KEKIUS is a meme coin that runs on multiple blockchain platforms, including Ethereum and Solana. It saw the light of day in mid-December and until Musk’s post was trading sideways at about $0.01.

The endorsement of one of the richest people on the planet led to a massive resurgence of KEKIUS, whose price soared 550% in the last 24 hours. However, its market cap remains below $100 million, which means it is far from the top 100 club (at least as of now).

Musk and Memes

This isn’t the first time the billionaire has made waves in the meme coin niche with his posts on X. Musk is known as a big supporter of Dogecoin (DOGE), often praising its merits and endorsing it on the platform of social networks.

Last month, the biggest meme coin saw a 10% price increase after Tesla’s CEO talked about establishing a Department of Government Efficiency (DOGE) in case Donald Trump wins the election presidential elections of the United States. The Republican emerged victorious and put Musk in charge of that division.

DOGE will aim to streamline the US federal government by reducing unnecessary spending and eliminating unnecessary regulatory agencies.

Floki Inu (FLOKI) is another meme coin that has witnessed a surge in price following Elon Musk’s comments. In February 2023, he posted a photo of his dog dressed as the CEO of Twitter (as X was then called). Musk’s pet is named Floki, which explains why the eponymous meme coin soared more than 40% shortly after the interaction.

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