Elon Musk tweets about PEPE meme coin, sends price soaring by 50% in a day

Elon Musk, the billionaire entrepreneur and founder of Tesla and SpaceX, has recently expressed his interest in PEPE coin, a meme-inspired cryptocurrency that has gained popularity among crypto enthusiasts. P

EPE coin, also known as PEPE, is a deflationary token built on the Ethereum blockchain that features the iconic Pepe the Frog character as its mascot. PEPE coin claims to be the original meme coin and aims to create a fun and rewarding community for its holders.

According to a tweet by Musk on May 12, 2023, he said that he was “feeling froggy” and posted a picture of himself wearing a Pepe the Frog mask. He also added the hashtag #PEPE to his tweet, which sparked a frenzy among his followers and PEPE coin fans. The tweet quickly went viral and received over 2 million likes and 500,000 retweets in less than 24 hours.

seize the memes of production $PEPE https://t.co/iVKu7YX82g

— Pepe (@pepecoineth) May 13, 2023

The tweet also had a significant impact on the price of PEPE coin, which surged by over 50% in a single day, reaching a new all-time high of $0.00000431 per token. The market cap of PEPE coin also increased to over $1.8 billion, making it one of the top 50 cryptocurrencies by market capitalization. Many analysts attributed the price spike to the “Musk effect”, which refers to the phenomenon of Musk’s tweets influencing the prices of various assets, especially cryptocurrencies.

Musk is not the first celebrity to endorse PEPE coin, as other famous personalities such as Snoop Dogg, Paris Hilton, and Jake Paul have also shown their support for the meme coin in the past. However, Musk’s tweet was arguably the most influential one, as he is widely regarded as one of the most influential figures in the crypto space. Musk has previously expressed his interest in other cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum, and has often made jokes and memes about them on his Twitter account.

1/ gm frens! In celebration of $pepe joining the Gemini ecosystem, we’re giving away 1 Billion pepe to one lucky winner. 🐸🤝 pic.twitter.com/HNARdJGd4c

— Gemini (@Gemini) May 12, 2023

PEPE coin’s developers and community welcomed Musk’s tweet with enthusiasm and gratitude, and invited him to join their Telegram group and Discord server. They also expressed their hope that Musk would continue to support PEPE coin in the future and help it achieve its vision of becoming a global meme currency. Some PEPE coin fans even suggested that Musk should launch a PEPE-themed satellite or rocket into space, or accept PEPE coin as a payment option for Tesla products.

PEPE coin is one of the many meme coins that have emerged in the crypto space in recent years, following the success of Dogecoin, which was originally created as a joke but has since become one of the most popular and valuable cryptocurrencies in the world. Meme coins are typically characterized by their humorous and playful nature, their loyal and enthusiastic fan base, and their high volatility and risk. Meme coins appeal to many investors who are looking for fun and excitement in the crypto market, as well as potential high returns.

However, meme coins also face many challenges and criticisms, such as lack of innovation, security issues, regulatory uncertainty, and market manipulation. Some experts warn that meme coins are not sustainable investments and that they are driven by hype and speculation rather than fundamentals. They also caution that meme coins are prone to price crashes and scams, and that investors should be careful and do their own research before investing in them.

Whether PEPE coin will continue to rise or fall in the future remains to be seen, but one thing is certain: Elon Musk has once again shown his power and influence in the crypto world by joining the PEPE coin frenzy.