Meme coin traders are closely monitoring the price movements of Pepe (Pepe-PEPE) after former U.S. President Donald Trump posted a message that many interpreted as promoting this currency.

In a post dated May 29 on Truth Social, Trump shared a humorous image of the Pepe frog that was interpreted as a subtle promotion of the PEPE coin, sparking widespread engagement and boosting positive price expectations for PEPE, reminiscent of Elon Musk's public promotion of Dogecoin (Dogecoin-DOGE), which helped that coin top the list of meme coins during the recent bull market.

Although Trump did not explicitly promote Pepe, his recent post generated excitement among traders hoping to replicate the remarkable successes of DOGE. However, the market response was moderate due to broader macroeconomic pressures; after an initial rise of 6% within hours of the post, the price subsequently corrected by 18%. The volatility surrounding the U.S. International Trade Commission's decision regarding the suspension of tariffs imposed by Trump is likely the main reason for this reversal, alongside a decrease in risk appetite among investors and a prevailing cautious optimism in the market.