Pepe (PEPE) saw a notable price rally on Thursday, climbing 3% shortly after Elon Musk posted a picture on X (formerly Twitter) of a frog smoking a cigarette. Musk’s influence on the cryptocurrency market is well-documented, often causing price surges with his cryptic or playful posts. While the frog-themed memecoin gained a boost from his post, speculation has grown around Musk’s involvement with PEPE.
Musk has previously declared his support for Dogecoin (DOGE), the original memecoin, and has even integrated it into his ventures, such as allowing Tesla merchandise to be purchased with DOGE. This public endorsement has cemented Musk’s position as a key figure in the memecoin community.
However, it remains unclear whether Musk has made any investments in PEPE or if his post was simply another instance of his playful engagement with meme culture. Regardless, his actions continue to fuel interest and speculation in the world of cryptocurrency.
Is Elon Musk A PEPE Investor?
Elon Musk has had a notable influence on the price of PEPE, the popular memecoin, on several occasions. In late 2024, the tech billionaire changed his X handle to “Kekius Maximus” and updated his profile picture to depict a rendition of the iconic Pepe the Frog as a warrior. This move sparked a substantial rally in PEPE’s price, showcasing the significant impact of Musk’s actions.
While Musk has interacted with the Pepe meme through such gestures, he has never publicly endorsed or spoken about the PEPE memecoin itself. His well-known support for Dogecoin (DOGE), on the other hand, has been extensively documented, with Musk even referring to it as “the people’s crypto” on several occasions. However, when it comes to other memecoins like PEPE, there are no verified records of Musk publicly discussing or promoting them.
This lack of direct engagement hasn’t stopped speculation about Musk’s potential involvement with PEPE. Some posts on X claim that Musk holds $10 million worth of the memecoin, but these claims are unsubstantiated and often lack credible evidence. Such posts often lack clarity. When sources are requested, the usual response from others is just a casual “trust me, bro.”
Moreover, PEPE has experienced a significant price correction in recent days. While the asset saw a brief uptick on Thursday following Musk’s post, it has since declined again. Currently, PEPE is down 1% on daily charts, 10.10% for the week, 8% over the past 14 days, 27.22% for the month, and 9.06% since June 2024.
The broader crypto market has struggled to gain momentum, with the Federal Reserve’s decision to hold interest rates after its latest FOMC meeting contributing to ongoing bearish sentiment. Additionally, global geopolitical tensions have further weighed on investor confidence.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
