Ranked third among the world’s wealthiest individuals and known for his significant impact on cryptocurrencies, Elon Musk has made waves again. Following a comment he made about a meme coin, its price instantly skyrocketed before retracting slightly. Elon Musk has done this numerous times from the past to the present, and it has generally had major effects on the crypto market.
The Elon Musk Effect
Known for his strong support of Dogecoin, Elon Musk has been instrumental in the rise of many meme coins to date. Recently, Musk caused price movements in PEPE and WIF, and once again, he was involved in an incident that boosted the price of PEPE.
Just moments ago, Elon Musk commented on a post by TheBabylonBee, which quickly drew investors’ attention to the frog-themed PEPE.
Elon Musk’s comments continue to have significant impacts on the world of cryptocurrencies. In the past, DOGE‘s unexpected surges were largely due to Musk, and it seemed he had succeeded once again, although the effect was smaller this time.
How Much Did PEPE Cost?
Following Musk’s comment, the price of PEPE soared momentarily. The price nearly instantly increased by 5%, reaching $0.0000078. It then retracted slightly and fell back to $0.00000763 at the time of writing.
On the other hand, PEPE did not sit idle during the days when Bitcoin was refreshing its ATH daily and was among the most profitable projects in the market. In the last 30 days, PEPE has provided its investors with a gain of over 500%.
During this period, PEPE’s market capitalization also increased, rising by 4% to $3.2 billion. This market cap placed it at the 41st position.
Despite all this interest and the momentary price increase, the 24-hour trading volume appeared low. The last 24 hours saw a trading volume decrease of over 30%, amounting to $646 million.
This could be interpreted as investors staying away from trading activities. Alternatively, it could indicate that interest in the meme coin is waning, which is a possibility.
