PEPE, the popular memecoin has been reposted 4 times by tech mogul Elon Musk in the last 24 hours which has increased the price of the memecoin significantly. Musk’s repeated tweets and reposts about the token has created a buzz across the community and the crypto market. These images that are being posted are created by Grok, AI tool for X.
The actual reason Elon Musk has been posting these images are because he is trying to promote Grok. Since the images that are being posted by Musk are that of PEPE memecoin, it has gained a significant attraction from the crypto industry.
The current price of the memecoin PEPE stands at $0.00002588 with a surge of 1.6% in the last 24 hours.
PEPE Price Rallies After Elon Musk’s Tweet
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After Elon Musk posted the initial PEPE tweet, surge was overserved shortly after and the price reached its peak at $0.00002803. This indicates increased trading activity. After reaching this peak, that the price fluctuated within the range of $0.00002246 to 0.00002803.
There was a period of consolidation that was observed soon after the price hit its peak of $0.00002803, as the market adjusted to the sell-offs from the traders who capitalized on the short-term gains. The trading volume for the memecoin also hit $13.98 billion which indicates strong market participation.
Previous Endorsements
This is not the first time that Elon Musk has endorsed a memecoin and the prices of the token have surged. Dogecoin, a dog-themed memecoin had also been promoted by the tech mogul which has become a big name in the industry.
This time around, the reposts and retweets with the PEPE coin have caused a ripple effect due to which there has been an increased investment in the memecoin. Elon Musk has once again proved how easily his social media activity can effect cryptocurrency markets.
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Also Read: Dogecoin Price Slumps, Can DOGE Sustain The $0.4 Level?
