According to Musk’s X (formerly known as Twitter), he single-handedly revived the Pepe coin. The meme coin took on a new dimension when he changed his name to “Kykeus Maximus” and gave himself a meme of a gladiator playing video games.
He has an impact, and as a result, the price of the PEPE cryptocurrency rose by more than 11% right after his article. The coin was announced in April 2023 as a cross-border meme and entered the market with the help of the global meme "Pepe the Frog."
In March 2024, Musk used a Pepe joke to draw attention to the First and Second Amendments, earning him applause at a “For the People” retail investing talk about PEPE.
PEPE was trading at $0.000009332 on March 13, 2024. This translates to an investment of 107,158,165.45 PEPE coins for an investment of $1,000 in London. Today, the price of PEPE is $0.00002047, which returns the investment to $2,193.53, showing a growth of 119.84% in a nine-month period.
PEPE (USDT) is down 7.50% in 24 hours to $0.000019 with a trading volume of $2.88B. Despite this decline, the 4-hour chart pattern shows an explosion due to a symmetrical triangle formation.
The initial resistance is 0.00002194. The other relatively close resistances are 0.00002463 and 0.00002730.
Conversely, the immediate support is $0.00001892. Next in line are $0.00001721 and $0.00001446.
Elon Musk's influence on the markets was clearly demonstrated when he supported the price of PEPE on X, which was then short-lived due to the high market value of PEPE coin.
Take investing in PEPE as an example, if you invested $1,000 9 months ago, it would have doubled to $2,193 or more, a 119.4% gain.