Elon Musk once again stirred the cryptocurrency market with a profile update on X, leading to a 12.31% increase in PEPE token value and a surge in trading volume by 130%.
PEPE and KEKIUS Tokens Soar
Following Musk’s update, where he changed his username to “Kekius Maximus” and displayed a profile picture of Pepe the Frog as a Roman general, the PEPE token rose from its daily low of $0.00001779 to $0.00001998. This 12.31% increase was supported by robust trading activity, with a trading volume surge of 130%. According to technical analysis, PEPE’s RSI stands at 62, indicating further bullish potential. Open positions for PEPE increased by 18% to reach $153 million. The newly launched KEKIUS token also experienced rapid value increases, fueled by Musk’s influence.
The Broader Impact on the Meme Coin Market
Elon Musk’s influence on meme coins is well-documented, with past mentions of Dogecoin and PEPE leading to massive market movements. Following this latest incident, the total market cap of meme coins rose by 2.4% to $108 billion. Additionally, 24-hour trading volume reached $13.62 billion, reflecting sustained investor interest. Whales took advantage of the opportunity, accumulating large amounts of tokens. One notable transaction included the purchase of $6.1 million worth of PNUT tokens. In parallel, a massive $149 million transfer of Dogecoin was recorded, showcasing the continued interest in major meme coins.
What This Means for Meme Coin Investors
As the meme coin market continues to react strongly to Musk’s actions, it highlights the potential for both rapid gains and volatility. This underscores the need for careful analysis and swift decision-making by investors in this dynamic sector.
Elon Musk's influence on the cryptocurrency market remains significant, especially in the meme coin sector. This event emphasizes the need for investors to stay alert and responsive.
