A meme recently tweeted by Twitter CEO Elon Musk has led to a 15% rally in the price of recently launched memecoin PEPE. Musk took to Twitter earlier today to share a political meme that featured the infamous Pepe frog, promoting opportunistic traders to line up buy orders for the memecoin.
Elon Musk’s meme, titled “Explaining Constitutional Amendments”, was a comparison of the first and second amendments of the United States. The meme featured pictures of Pepe the Frog, who also happens to be the mascot of the PEPE memecoin. The tweet has been viewed by more than 1.6 million users around the world and has been retweeted over 5,700 times.
Explaining Constitutional Amendments pic.twitter.com/oYkMPBe9Zi
— Elon Musk (@elonmusk) May 13, 2023
Musk is renowned for his subtle tweets related to crypto meme tokens which lead to a considerable rally in their price more often than not. He has previously shared pictures and tweets of memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB). His tweets are usually followed by a short-lived rally in the concerned memecoin’s price.
Therefore, when Musk tweeted the PEPE-themed meme, opportunistic crypto traders lined up buy orders for the recently launched memecoin, pushing its price up by a whopping 15% within a matter of minutes. PEPE went from 0.$000016 to as high as $0.000019 following Musk’s tweet.
At the time of writing, PEPE was trading at $0.000001836, up more than 45% over the past 24 hours. With a market capitalization of over $717 million, PEPE is currently the 65th largest cryptocurrency in the world. The memecoin’s latest daily trading volume came in at a whopping $844 million. Data from Coinglass showed that the total open interest on PEPE futures went up by 81% over the past 24 hours. Meanwhile, the memecoin has seen liquidations worth $9 million over the same period.
