Elon Musk continues to be one of the most influential figures in the crypto world. In November 2024, Musk once again caused ripples in the crypto market by sharing a $PEPE themed meme on Twitter. This post caused the PEPE token price to spike, with an increase ranging from 15% to 60%. This post, which attracted great attention on social media, mobilized investors and increased PEPE’s trading volume.
Musk’s involvement with the memecoin world began with other popular tokens like Dogecoin ($DOGE ) and Shiba Inu (SHIB). In 2021, his witty tweets about DOGE led to massive increases in the value of the cryptocurrency. For example, Musk’s statement that “Dogecoin is the people’s crypto” in early 2021 increased the price of DOGE by more than 50%. The price also saw a significant spike in 2021 when Musk spoke about DOGE on Saturday Night Live.
For Shiba Inu ($SHIB ), Musk’s tweets about his dog Floki were effective. These posts rapidly increased SHIB’s market value and increased the popularity of the memecoin. The fact that Musk did not directly talk about SHIB, but even his indirect references were effective, clearly demonstrates the power of social media over the crypto world.
Musk, who previously created a similar effect for PEPE on March 13, 2024, caused the token to gain 12.2% in value in an hour. Such developments clearly reveal Elon Musk's influence on the memecoin market. Musk's social media power also played a major role in the success of other popular memecoins such as Dogecoin and Shiba Inu.
However, these sudden increases are generally considered speculative. It should be noted that PEPE, like other memecoins, may experience short-term fluctuations based on social media. Investors should not forget that such assets carry high risk and should act with caution.
