Elon Musk Boosts Meme Coin PEPE with a Tweet

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Significant developments continue in the world of cryptocurrencies, especially in meme coins. While there is a general decline in cryptocurrencies today, support came once again from Elon Musk. So, what kind of statement did Elon Musk make?

Elon Musk and PEPE

Elon Musk, the owner of Tesla, SpaceX, and many other significant companies, and a prominent supporter of meme coins, recently made an important post on Twitter, once again demonstrating his commitment to the meme coin aspect of cryptocurrencies.

In his post on Twitter, Musk included an image of the frog-themed cryptocurrency PEPE, which caused curiosity among his followers to peak. The post contained the following words:

The first amendment is for sharing memes with friends. The second amendment is for when they try to stop me from sharing memes with friends.

Following Musk’s post featuring the frog-themed Pepe, the price of the meme coin surged by an impressive 23% but later experienced a sharp decline. As of the time of writing, PEPE is finding buyers at the level of $0.000008642, with a decline exceeding 18%.

Crypto Whales Make Their Moves

On the day these statements were made, an unidentified crypto whale transferred a significant amount of 2 trillion PEPE coins from Binance to Cryptocom. This large amount of PEPE was valued at $20 million during the transaction.

Prior to these events, another unknown investor had sent approximately 500 billion PEPE, valued at around $4.3 million, to Binance, and if the sale was completed, they would have earned $1.32 million.

Since 2020, Elon Musk’s public endorsement of his interest in meme coins has been causing a significant buzz. He has expressed a special interest in the original meme-inspired cryptocurrency, Dogecoin (DOGE).

Commenting on the subject, Musk had tweeted:

Tesla products can be purchased with Dogecoin.

Later, Elon Musk made another statement, in which he said:

Whoever controls the memes, controls the universe… I am the meme lord.

On the other hand, Musk’s post was also shared by the official account of the Milady meme coin (LADYS), bringing rumors among investors. In the past, Musk’s post involving LADYS’s mascot in a meme had led to a surprising 12,056% increase in the cryptocurrency.

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