In a surprising turn of events, the meme cryptocurrency Pepe (PEPE) has bucked the downward market trend with a 6% price increase, pushing its market capitalization above $8 billion. This upward movement came shortly after Elon Musk changed his X (formerly Twitter) profile picture to an image of a frog in Roman military attire.
The surge stands in stark contrast to the broader meme coin market, where major players like Shiba Inu (SHIB) and dogwifhat (WIF) experienced notable declines of 6% and 9% respectively. The positive price action has reinforced PEPE's position as the third-largest meme cryptocurrency by market value.
The catalyst for PEPE's price movement appears connected to Musk's profile picture change to "Kekius Maximus" - a frog wearing Roman armor. This social media activity coincided with a massive 550% surge in the KEKIUS token, though its market cap remains under $100 million.
Musk's influence on meme coin markets has been well-documented. The billionaire entrepreneur has previously sparked price movements in Dogecoin (DOGE) through his social media activity. Last month, DOGE saw a 10% increase after Musk discussed the potential creation of a Department of Government Efficiency (D.O.G.E.) under a Trump presidency.
His impact extends beyond DOGE, as demonstrated in February 2023 when Floki Inu (FLOKI) experienced a 40% price jump after Musk shared a photo of his dog Floki dressed as a CEO on the platform.
The latest PEPE surge highlights the continuing influence of social media personalities on cryptocurrency markets, particularly in the meme coin sector, where sentiment and social momentum often drive price action.