In a remarkable twist amidst a general downtrend in the meme coin market, PEPE experienced a notable 6% surge, its market cap soaring past the $8 billion mark. This impressive rebound occurred shortly after Elon Musk updated his profile picture on X, showcasing a frog dressed as a Roman soldier.
The recent correction in the crypto market has hit meme coins hard. Many tokens have suffered significant weekly losses. Shiba Inu decreased by 6%, while Dogwifhat plummeted 9%. Over the past day alone, SHIB, BONK, PENGU, among others, have faced downward pressure. Nevertheless, defying the trend, Pepe surged by 6%. This frog-themed token saw its market capitalization leap beyond $8 billion, reinforcing its position as the third-largest meme coin.
PEPE's revival might be attributed to Elon Musk's latest activity on X. The platform's owner switched his profile picture to Kekius Maximus—a frog donning Roman attire. KEKIUS, another meme coin, operates on multiple blockchains including Ethereum and Solana. Before Musk's endorsement, it traded at around $0.01 since its inception in mid-December.
The billionaire's nod caused a dramatic revival for KEKIUS. Its price skyrocketed by 550% within 24 hours, although its market cap still sits below $100 million. For now, it hasn't breached the top 100 rankings.
Elon Musk's interactions on X continue to influence the meme coin market significantly. Known for championing Dogecoin, Musk often praises it publicly. Recently, DOGE saw a 10% price climb following Musk's discussions about creating a Department of Government Efficiency (D.O.G.E.) if Donald Trump secured the US presidency—a plan that came to fruition, with Musk leading the department.
Floki Inu is another coin appreciating Musk's influence. In February 2023, Musk posted a picture of his dog, also named Floki, dressed as Twitter's CEO. This led to the eponymous coin spiking by over 40%.
