On Thursday, after Elon Musk shared a photo of the smoking frog on X, the price of PEPE saw an increase. After Musk posted this, the price of the meme coin rose by 3%. Now, Musk has publicly stated that he is a fan of Dogecoin (DOGE), the original meme coin. Given his love for meme coins, many people wonder if this billionaire has invested in this frog-themed cryptocurrency. Is Elon Musk an investor in PEPE?
Musk has repeatedly influenced the price of PEPE. The tech billionaire changed his X nickname to 'Kekius Maximus' at the end of 2024 and changed his display picture to that of a frog warrior. His actions led to a significant increase in the price of this memecoin.
Although Musk has interacted with the Pepe meme, he has never publicly talked about this meme coin. His fondness for Dogecoin (DOGE) is well-known. However, there is currently no record of this billionaire discussing 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, 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 subsequently fell again. PEPE's daily chart is down 2%, weekly chart down 4.7%, 14-day chart down 7%, month-on-month down 27.1%, and down 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 heightened investors' concerns.
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