Elon Musk, the SpaceX and Tesla CEO, made an indirect reference to Pepe (PEPE) on Tuesday morning DEC 10. The mention made the meme coin price move positively.
Following the reference, the asset surged 2.3% after the social media tag. The crypto currently has a market cap of $10.67 billion and its trading volume rose by 78.34% over yesterday.
In Tuesday’s post, Musk mentioned PEPE, and so far, the tweet received 517.8k views at the time of writing. The post shows Elon Musk’s explosive influence on the crypto market.
Elon Backing Pepe
The Twitter feed comes after some crypto analysts recently predicted that Elon Musk was secretly backing Pepe. In late November, crypto analyst Chandler Bing talked on his x account about Musk’s social media activity supporting the token.
In another post, Chandler stated that Musk’s behavior reflected what the tech billionaire did for Dogecoin in 2020 when his tweets about the meme coin sent the asset to rise tremendously. In 2021, Musk publicly said he was a Dogecoin investor. Late last month, Dogecoin surged remarkably following Elon’s appointment to lead the Department of Government Efficiency (DOGE).
Today’s tweet shows Musk’s public declaration about his support for PEPE, making Chandler’s X posts factual. In the past, Musk officially disclosed his investment in Bitcoin and Dogecoin.
Pepe skyrocketed its value following the indirect support because Elon has massive influence and has millions of people following him on social media.
PEPE price movement
Of late, Pepe’s price has been impressive. PEPE is up 24.10% in the last seven days, meaning that the meme coin is outperforming the global digital asset market which is down 1.00% currently. In the last 30 days, PEPE is up 121.5%, outperforming Dogecoin and Shiba Inu’s 30-day price surge, recording 80.3% and 20.4% respectively, at the time of writing.
PEPE reached a new all-time high of $0.000027 on Sunday night December 8, hitting a market cap of $11 billion for the first time. As a result, Pepe has become the 19th largest cryptocurrency globally, overtaking Bitcoin Cash and Uniswap.
PEPE’s surge has been attributed to its rising demand. In the last four days leading up to December 10, the coin witnessed an increase in new wallets, with 13,030 new addresses created. The uptrend momentum reflects a positive market sentiment, which could go beyond short-term speculation. The token could acquire sustained interest from new market participants.
The asset’s uptick movement was also triggered by recent FOX News business discussions, which talked about BTC and PEPE as great investment vehicles. PEPE’s incredible price growth has also been accredited to whale activity.
Late last month, PEPE rose tremendously by 250% due to an indirect endorsement by Elon Musk following the appointment of the popular billionaire to lead the DOGE. Musk’s assignment to spearhead the government’s department not only created increased user attraction to Dogecoin but also other popular meme coins like PEPE.
