Frog-themed cryptocurrency PEPE has surged by 16% in the last 24 hours. PEPE surged from lows of $0.00001767 to highs of $0.0000214 in today's session, posting a significant green candlestick.
PEPE's price surge coincides with tech billionaire Elon Musk's recent activity on social media. Musk, known for his significant influence on the cryptocurrency market, changed his Twitter name to "Kekius Maximus," triggering attention from the online crypto community.
The Tesla CEO replaced his profile picture with the popular "Pepe the Frog" meme. In the new image, the Pepe character is seen holding a joystick. The character of Kekius Maximus is based on a little-known meme that combines the popular Pepe the Frog figure with the movie character Maximus from Gladiator.
The official X account of the PEPE coin responded by tagging the Tesla CEO: "Game on Elon Musk."
Although Musk did not directly reference PEPE, the timing of his name change on X coincides with PEPE's rally.
Two reasons for PEPE's rise
Musk's actions often have a profound impact on the market, and this instance was no different. The association with Pepe the Frog, a well-known internet meme, led to a surge in buying activity for PEPE, which drove the price up by over 16%.
Another reason that might have contributed to PEPE's price increase is its high level of social media engagement. According to LunarCrush, a platform that tracks social media activity for cryptocurrencies, PEPE is among the few cryptocurrencies experiencing a substantial increase in social mentions.
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PEPE was up 18% in the last 24 hours to $0.00002077, and it was up 10% weekly as of this writing. PEPE began increasing from lows of $0.0000174 on Dec. 30 to intraday highs of $0.0000214 during today's trading session.
According to CoinGecko data, PEPE is up 1,467% yearly, reaching an all-time high of $0.00002825 on Dec. 9. The frog-themed cryptocurrency is currently down 26.41% from this high.
