On Thursday, after Elon Musk shared a photo of the smoking frog on X, the price of PEPE rose. Following Musk's post, the price of the meme coin increased by 3%. Now, Musk has publicly stated that he is a fan of the original meme coin, Dogecoin (DOGE). Given his love for meme coins, many are questioning whether the world's richest man has invested in this frog-themed cryptocurrency. Is Elon Musk a PEPE investor?
Elon Musk has repeatedly influenced the price of PEPE. The tech billionaire changed his X nickname to 'Kekius Maximus' at the end of 2024, while changing his display picture to that of a frog warrior. His actions caused a significant rise in the price of this memecoin.
Although Musk has interacted with the Pepe meme, he has never publicly discussed this meme coin. His affection for Dogecoin (DOGE) is well-known. However, there is currently no record of this billionaire talking about any other meme coins.
In short, there is currently no clear way to determine whether Musk has invested in PEPE. Many posts on X suggest that Musk holds $10 million worth of memecoin. Such posts do not provide a clear picture. When asked about the source of this information, other users usually just say, 'Trust me, bro.'
Significant Correction of Memecoin
In the past few days, the price of PEPE has experienced a significant pullback. After Musk tweeted on Thursday, the asset's price rose, but then it fell again. The PEPE daily chart is down 2%, the weekly chart down 4.7%, the 14-day chart down 7%, with a month-on-month decline of 27.1%, and a drop of 11.8% since June 2024.
The cryptocurrency market has struggled to gain momentum in recent weeks. The Federal Reserve decided to keep interest rates unchanged after the latest Federal Open Market Committee meeting. This development may lead to a continued bearish sentiment in the market. Global geopolitical tensions have also exacerbated investors' concerns.
