Pepe Coin Surges 12% As Speculations Build Over Elon Musk’s PEPE Promotion

In an unexpected plot twist witnessed today, March 13, Elon Musk’s Pepe meme-related post on X appears to have garnered noteworthy attention among crypto market enthusiasts across the globe as the meme coin PEPE noted a remarkable surge following Musk’s post’s surfacing. With Musk’s comments following a possible meme coin season end, Pepe Coin—a cryptocurrency endeavor where memes meet blockchain—made waves throughout the huge sea of cryptocurrency, as many other companies, including SHIB, DOGE, and FLOKI, recently saw notable declines.

Musk’s Post Ignites Speculations Of PEPE Optimism

The post shared by Musk today showcased a tint of the world’s most renowned entrepreneur’s sense of interest in the Pepe meme. With numerous replies by renowned individuals on the platform further bolstering this sense of interest, Pepe coin continued painting a bullish climate for itself across the broader crypto market.

pic.twitter.com/ua0EFESqpB

— Elon Musk (@elonmusk) March 13, 2024

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Meanwhile, with chances of a meme coin season end prevailing, DOGE, SHIB, and FLOKI noted substantial drops in recent days. Conversely, this rally promptly garnered bullish sentiments among investors as market dynamics hinted at a significant uptrend for the meme token.

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Pepe Coin Rallies

As of writing, Pepe coin’s price noted a substantial uptick of 12.82% over the past 24 hours and is currently trading at $0.000009314. With a significant 28.53% surge in the token’s 24-hour trading volume, coupled with a 13.40% jump in market cap, Pepe coin showcased sentiments of bulls taking control in the market.

Notably, Coinglass’ data revealed a 15.33% surge in the meme coin’s open interest, reaching $125.44 million, whereas volume jumped 48.49%, reaching $1.38 billion. This hinted at an uptrend for PEPE within the market, aligning with the price surge as investors rushed in, pushing new money into the market and fueling market activity.

Technical indicators unveiled by Trading View showcased a buying sentiment commanding the market. The RSI hovering around 72 hinted that the coin might be ready to welcome a consolidatory phase as an overbought condition existed. However, with Musk’s post followed by the rally, a tidal wave of optimism for the meme coin persists.

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