According to the social analytics platform LunarCrush, the frog-themed token PEPE saw a jump in its social engagement activity as discussions and mentions of it soared on social media.
LunarCrush reports that PEPE was leading social engagement activity, outpacing Bitcoin and even Shiba Inu (SHIB) in this metric. Bitcoin took the second spot in social engagement activity, while Shiba Inu took the seventh spot.
TRENDING— LunarCrush (@LunarCrush) May 13, 2023
🐸 $pepe is now leading social engagement activity, even higher than #bitcoin at the moment.
This metric indicates extremely heavy community participation in social posts, measured by likes, retweets, comments, bookmarks, influential account participation, and more.… pic.twitter.com/5omzcenzKN
The high social engagement activity as indicated by LunarCrush suggests extremely heavy community participation in social posts, measured by likes, retweets, comments, bookmarks, influential account participation and more.
The "Pepe" hype took a new turn on May 13 after Tesla CEO Elon Musk indirectly mentioned Pepe in a tweet. Musk explained constitutional amendments in his meme post using the Pepe frog character.
The official Pepe Coin account responded by saying, "Seize the memes of production." It was something like the saying, "seize the means of production." The PEPE coin price rose unexpectedly in reaction to the tweet.
At press time, PEPE had pared its intraday gains, down 8.09% in the last 24 hours at $0.000001791. On a weekly time frame, PEPE remains down 35.10%.
Also contributing to Pepe's increase in social engagement activity is the Gemini 1 billion PEPE giveaway campaign.
Crypto exchange Gemini announced it was giving away 1 billion Pepe to one lucky winner in celebration of the PEPE listing on its platform. One of the criteria for eligibility was to retweet the PEPE post made by Gemini.
Following uproar after Coinbase said the popular coin's inspiration, the original Pepe the Frog meme, had been "co-opted as a hate symbol by alt-right groups," the exchange's top legal officer apologized to the Pepe community last week.