Pepe Coin Surges 102% Since Elon Musk's Meme-Based Endorsement
The cryptocurrency sector has seen a surge in interest due to potential U.S. regulatory frameworks viewed as positive for growth. One of the beneficiaries is Pepe coin (CRYPTO:PEPE), which launched in mid-April 2023 and gained traction from the crypto community.
The meme, based on the popular Pepe the Frog character created by artist Matt Furie, saw large price spikes when billionaire Elon Musk posted or shared memes featuring the frog. On May 13, 2023, Musk used a Pepe the Frog meme to explain the First and Second Amendments, potentially drawing in investors looking for his future support.
Musk's use of the same meme again in late December 2024 led to the creation of a new meme crypto Kekius Maximus (CRYPTO: KEKIUS), while also causing Pepe to trade up more than 21% over the last 24 hours at the time of writing.
A $1,000 investment in PEPE Coin on May 13, 2023, when it traded at a high of $0.000001889, would be worth $2,020.65 today, representing a potential gain of $1,020.65, or 102.1%, based on the current price of $0.000003817 for PEPE.