In the volatile cryptocurrency market, a recent tweet by billionaire entrepreneur Elon Musk hinted at his support for the meme coin PEPE, predominantly featuring a frog theme. This endorsement led to an immediate surge in the digital currency’s value, subsequently followed by a significant downturn.
Twitter Endorsements and Market Influence
Musk, known for his influence on crypto markets, especially with meme-inspired tokens, posted an image related to the PEPE currency along with words accentuating the importance of sharing memes. The message, perceived as cryptic support for the coin, incited a 23% price jump of PEPE, which was later met with an 18% drop in value.
In tandem with Musk’s tweet, a sizable transaction by an unidentified crypto whale occurred, signifying the transfer of 2 trillion PEPE coins worth $20 million from Binance to Cryptocom. This move corresponded with another significant transfer of 500 billion PEPE to Binance by a separate investor.
Market Dynamics and Celebrity Influence
Musk’s fascination with meme coins, especially Dogecoin, has been evident since 2020, with his endorsements frequently shaking the cryptocurrency landscape. He even declared that Tesla products could be bought using Dogecoin, reinforcing his title as the self-proclaimed ‘meme lord’ and emphasizing the control memes have over the public discourse.
The ripple effects of Musk’s social media activity are widespread, with past tweets about other meme coins like Milady (LADYS) also causing dramatic market reactions. His latest tweet, aside from impacting PEPE, was echoed by the official account of the LADYS coin, stirring speculation among investors recalling the coin’s staggering 12,056% rise following Musk’s previous mention.