December 8, 2023

Pepecoin surged 50% after Elon Musk's tweet

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Pepecoin surged 50% after Elon Musk's tweet

Billionaire Elon Musk used the image of Pepe the frog from memes in a tweet about constitutional amendments, and the value of the Pepe meme token immediately soared by 50%.

The price of PEPE for the day reached a new all-time high of $0.00000431 per token. The coin's market capitalization has increased to more than $1.8 billion.

PEPE was released in honor of Pepe the frog,appeared on the Internet as a meme almost 20 years ago. Last weekend, Pepecoin's capitalization exceeded $1 billion, but soon the rate collapsed by more than 50%. However, PEPE is now one of the few meme tokens, along with DOGE and SHIB, that are among the top 100 cryptocurrencies by market capitalization.

Elon Musk recently tweeted a meme featuring an image from the Milady NFT collection. Since the tweet was published, sales of Milady's NFTs have increased by more than 2,000%.

Musk often shows his sympathy for DOGE. He has repeatedly contributed to the growth of Dogecoin with his statements, and even temporarily put a dog meme on the Twitter logo.