$PEPE Elon Musk's bet on Pepe Coin (PEPE) attracted the attention of the market and significantly affected the price movement. Musk posted a photo of Pepe the Frog in a tweet on social media, which immediately led to a spike in PEPE prices. Data shows that within 24 hours of the tweet being published, the price of PEPE increased by approximately 18.74%, reaching a record high.

The impact of Musk's tweet on meme coins cannot be ignored. His previous tweets about Dogecoin and Shiba Inu had also triggered significant price fluctuations in these cryptocurrencies. Due to Musk's huge influence, his tweets tend to attract investors' attention and funds, thus causing the prices of these meme coins to rise.

PEPE's price increase is not only due to Musk's tweets. Data shows that a large number of whale accounts are moving large amounts of PEPE to major centralized exchanges in order to profit during price increases. For example, a whale that initially held 15.2 trillion PEPE recently made a profit of more than $6 million by selling some of the PEPE.