The cryptocurrency market is experiencing a downturn, with many meme coins like Pepe Coin suffering significant losses. Shiba Inu (SHIB) is down 6%, while dogwifhat (WIF) has plummeted 9%. This bearish trend has impacted several other meme coins, including SHIB, BONK, and PENGU.
However, amidst this market correction, Pepe (PEPE) has defied the odds, recording a remarkable 6% price increase. This surge has pushed Pepe’s market capitalization back above the $8 billion mark, solidifying its position as the third-largest meme coin in the market.
The Elon Musk Effect: A Spark for Pepe’s Revival
This unexpected surge in Pepe’s price could be attributed to a recent interaction from none other than Elon Musk. The enigmatic billionaire, known for his influence on cryptocurrency markets, changed his profile picture on X (formerly Twitter) to Kekius Maximus – a frog depicted in Roman armor.
Read more: Pepe Coin: Can PEPE Avoid 60% Death Spiral Like Last Summer?
Kekius, a meme coin operating across multiple blockchains including Ethereum and Solana, experienced a meteoric rise following Musk’s profile picture change. The token’s price skyrocketed by a staggering 550% within 24 hours. While its market capitalization remains below $100 million, this dramatic surge highlights the significant impact that even subtle gestures from influential figures can have on the volatile cryptocurrency market.
Musk’s Meme Coin Midas Touch: A History of Crypto Market Influence
This isn’t the first time Elon Musk has inadvertently (or intentionally) influenced the meme coin market. The billionaire is a well-known proponent of Dogecoin (DOGE), frequently praising the cryptocurrency on his social media platform.
Read more: PEPE Coin 8% Surge: Is a 10x Pump to $0.0000191 Imminent?
Last month, Dogecoin experienced a 10% price surge following Musk’s comments about the establishment ofa Department of Government Efficiency (D.O.G.E.) should the Republican candidate win the US presidential election. This fictional department, playfully named after Dogecoin, was envisioned by Musk to streamline government operations and reduce wasteful spending.
Floki Inu (FLOKI) also experienced a significant price boost after Musk posted a picture of his dog, named Floki, dressed as the CEO of Twitter. This playful gesture resulted in a 40% price surge for the eponymous meme coin.
Read more: Pepe Coin Mania: Will PEPE Reach $0.00073 by 2030?
Conclusion
Elon Musk’s influence on the cryptocurrency market continues to be undeniable. His recent profile picture change sparked a significant surge in Pepe’s price, demonstrating the powerful impact that his actions can have on even the most volatile sectors of the crypto world. While the long-term implications of these market swings remain uncertain, it’s clear that Elon Musk’s words and actions continue to shape the cryptocurrency landscape in unexpected and often dramatic ways.
