Elon Musk's Explosive Meme X Post Triggers Big PEPE Price Surge

In an X/Twitter post published on Wednesday, tech tycoon and meme lover Elon Musk placed an emphasis on memes, which he does once in a while, as if reaffirming his support for this phenomenon. His love for memes began many years ago; however, only in 2020 did he tweet that “who controls memes, controls the universe.” Musk is a fan of the original meme coin, DOGE.

PEPE soars on Elon Musk's tweet

Since it was Pepe the Frog depicted on the picture he published, the Pepe meme coin's price immediately triggered a staggering 23.46% increase. It was followed by a major decline, therefore, the overall PEPE rise within the last 24 hours constitutes 13.73%.

Musk’s tweet today was reposted by the official account of Milady meme coin (LADYS). In mid-May 2023, Musk posted a meme with its mascot, and this propelled LADYS' mind-blowing surge by 12,056%.

On the same day, an anonymous crypto whale transferred a massive PEPE chunk of 2,248,769,006,203 coins from Binance to Crypto.com. This amount of PEPE was evaluated at 20,219,806 at the time of the transaction.

A day before that, another mysterious whale deposited 500 billion PEPE worth $4.3 million to the Binance exchange with a potential profit of $3.36 million (+30.9%). This trader had started his PEPE trade only 10 days before that, according to the @spotonchain analytics account.

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Elon Musk's tweet equalizes USD and scam coins

On Wednesday, centibillionare and meme lover Elon Musk also posted a tweet, which shows that he considers the U.S. dollar to be somewhat unsustainable. He published a screenshot of another tweet (posted by someone else), which describes scam cryptocurrencies.

A scam coin that is described in the screenshot has some “notable” characteristics typical of scam cryptos, according to the author of the tweet – 27 trillion coins circulating on the market, unlimited supply cap, only one node, 25% of the whole supply produced just within the past month and 30% of the supply held by only 1% of its holders.

The author of the tweet noted that this is very similar to the U.S. dollar, with the Federal Reserve’s constant printing. By reposting this, Elon Musk seems to be agreeing with the tweet’s initial author.