- Pepe investors see significant gains as $PEPE rises by 8.55% on December 31st
- Elon Musk changes his X profile picture, leading to the surge
- $PEPE breaks a sideways trading pattern, reaching its highest value in the week
Pepe investors are having a great turn of the year, with the frog-inspired currency becoming one of the most profitable digital currencies to hold on December 31st. On this date, $PEPE went up by a whopping 8.55% in value, gaining more value than all top-10 memecoins by market capitalization, excluding the new fan favorite ai16z.
The reason for this unexpected surge comes from the hands of perhaps the most popular memecoin ambassador in the world, Elon Musk. On the same day that Pepe surged, the Tesla, SpaceX, and X CEO decided to change his X profile picture into a… frog dressed in ancient Roman attire playing video games.
Staying in tune with the joke, Musk also changed his username to “Kekius Maximus”, alluding to the common meme “KeK” — a variation of the “Pepe the Frog” meme, which has been widely used online.
The “Musk push”, most often seen by Dogecoin investors, led $PEPE to break a sideways trading pattern, reaching its highest value in the week. As of right now, the memecoin trades at $0.00002007 and shows no signs of slowing down.
Frog enthusiasts in the crypto market now hope to see the asset potentially retesting its ATH levels at $0.00002768. For now, Pepe remains the third most valuable memecoin in the market with a capitalization of $8.4 billion.
Musk Push Leads to The Creation of New Frog Memecoin
It would only be a matter of time until someone created a new memecoin to celebrate Elon Musk’s indirect endorsement of Pepe. On the very same date, a new token called Kekius Maximus was born, albeit already showing signs of not being alive for long.
According to CoinMarketCap, $KEKIUS entered the market trading around $0,00000000001177. Less than an hour later the new coin dumped to $ 0,000000000002717, losing over 80% in value in less than an hour.
The Pepe community is already turning against the new memecoin claiming it to be a “rug pull”. So far, the most recent sudden market dump certainly makes it look and quack like a duck.
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