In the fast-paced and ever-changing world of cryptocurrencies, not a day goes by without some interesting event that draws attention to new currencies or unexpected digital memes. The latest of these events is billionaire Elon Musk’s re-entry into the fray, with tweets that have set the meme market ablaze, linked to the famous frog character Pepe.
Baby Coin Makes Strong Gains, Reaches 21st Place Among Largest Cryptocurrencies
In the booming cryptocurrency market, Pepe Coin stood out significantly on Tuesday, the last day of 2024, reaching a peak of $0.00002180, up nearly 25% from the previous day.
Since then, the coin has retreated slightly to $0.00002050 at the time of writing. However, it is still up over 13% in 24 hours and over 6% on the week. It is worth noting that Baby, along with Bitget Token, are the only two cryptocurrencies in the top 30 to post gains over 7 days.
This surge also pushed Baby to the 21st place among the largest cryptocurrencies by market cap, surpassing LEO and coming just behind BCH.
Elon Musk Ignites Pepe Rally and Frog-Linked Meme Coins
The Baby coin surged on Tuesday, and the momentum looks likely to continue on Wednesday. While attributed to a series of tweets from billionaire Elon Musk, CEO of Tesla, X and SpaceX.
Musk changed his X account name to "Kekius Maximus," using an avatar of the popular frog that is the symbol of several meme coins, including Pepe.
The name Kekius Maximus combines the name of the hero of the movie “Gladiator” with the term “Kek,” which is used as a substitute for “LOL” in the gaming and cryptocurrency communities. Additionally, Kekius Maximus is also the name of a meme coin, which rose in value by more than 1,000% after Musk changed his name.
Baby Coin and Other Frog-Related Coins Continue to Rise
Although PepeCoin is the most notable due to its high market cap, Musk has helped raise the profile of all meme coins associated with artist Matt Furie's frog, who created the character in 2005.
Musk continued to post tweets and photos, including one of Pepe the Frog dressed as a Roman warrior, accompanied by the caption "Brother in Arms."
With many traders away due to the year-end holiday, momentum is expected to build on Baby Coin and other meme coins as activity gradually returns, making 2025 a promising start for these coins.
Technical Analysis of Baby Coin: Support and Resistance Levels
Despite the recent gains, Baby’s move has yet to make a dramatic shift on the daily chart, as the coin remains below its 50-day moving average.
To gain further upward momentum, the coin must break the $0.000023 level. In this case, the next targets will be $0.000025 and then the all-time high of $0.0000288. On the downside, the first support level is at $0.00001750, followed by the 100-day moving average at $0.00001534.
Elon Musk’s tweets have helped ignite the frog meme market, putting Pepe and similar coins in the spotlight. As 2025 begins, these coins remain in the spotlight of investors and analysts.