Pepe Coin Surges 12% As Speculations Build Over Elon Musk’s PEPE Promotion

Coingapestaff
March 13, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Pepe Coin Price

Highlights

  • Elon Musk's post on X birthed speculations over PEPE promotion as its price rallied remarkably.
  • Elon's post showcased the Tesla founder's a sense of interest in the Pepe meme.
  • Pepe price soars and an uptrend follows.

In an unexpected plot twist witnessed today, March 13, Elon Musk’s Pepe meme-related post on X appears to have garnered noteworthy attention among crypto market enthusiasts across the globe as the meme coin PEPE noted a remarkable surge following Musk’s post’s surfacing. With Musk’s comments following a possible meme coin season end, Pepe Coin—a cryptocurrency endeavor where memes meet blockchain—made waves throughout the huge sea of cryptocurrency, as many other companies, including SHIB, DOGE, and FLOKI, recently saw notable declines.

Advertisement
Advertisement

Musk’s Post Ignites Speculations Of PEPE Optimism

The post shared by Musk today showcased a tint of the world’s most renowned entrepreneur’s sense of interest in the Pepe meme. With numerous replies by renowned individuals on the platform further bolstering this sense of interest, Pepe coin continued painting a bullish climate for itself across the broader crypto market.

Meanwhile, with chances of a meme coin season end prevailing, DOGE, SHIB, and FLOKI noted substantial drops in recent days. Conversely, this rally promptly garnered bullish sentiments among investors as market dynamics hinted at a significant uptrend for the meme token.

Also Read: Digital Chamber CEO Opposes Biden’s 30% Tax On Bitcoin Mining

Advertisement
Advertisement

Pepe Coin Rallies

As of writing, Pepe coin’s price noted a substantial uptick of 12.82% over the past 24 hours and is currently trading at $0.000009314. With a significant 28.53% surge in the token’s 24-hour trading volume, coupled with a 13.40% jump in market cap, Pepe coin showcased sentiments of bulls taking control in the market.

Notably, Coinglass’ data revealed a 15.33% surge in the meme coin’s open interest, reaching $125.44 million, whereas volume jumped 48.49%, reaching $1.38 billion. This hinted at an uptrend for PEPE within the market, aligning with the price surge as investors rushed in, pushing new money into the market and fueling market activity.

Technical indicators unveiled by Trading View showcased a buying sentiment commanding the market. The RSI hovering around 72 hinted that the coin might be ready to welcome a consolidatory phase as an overbought condition existed. However, with Musk’s post followed by the rally, a tidal wave of optimism for the meme coin persists.

Also Read: EU To Introduce Comprehensive AI Law Amid Innovation Concerns

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.