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Pepe Leaps Into Action With 10% Daily Gain: 'Elon Has No Issue Consistently Posting Pepe,' VC Points Out

Published 13/03/2024, 18:42
© Reuters. Pepe Leaps Into Action With 10% Daily Gain: 'Elon Has No Issue Consistently Posting Pepe,' VC Points Out
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Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

Pepe (CRYPTO: PEPE) is gaining momentum.

The frog-themed meme coin is up 10% on the day amid significant whale movements and a tweet from Elon Musk featuring the Pepe meme.

What Happened: Elon Musk shared an image of the Pepe meme sitting on a laptop with the quote, “sharing memes with frens,” sparking speculation about whether Musk, known for his support of Dogecoin, is now taking an interest in Pepe.

According to Whale Alert data, 2.25 trillion PEPE tokens, worth $20.2 million, were transferred from Binance to Crypto.com. Additionally, on March 12, SpotoOnChain data showed a large whale depositing 500 billion PEPE, worth $4.13 million, to cryptocurrency exchange, OKX. Although the whale began trading only ten days ago, an estimated final profit of $3.36 million is expected upon selling the tokens.

Blockchain payments firm Zypto Pay announced that users can purchase a crypto card with PEPE tokens and utilize them for their day-to-day spending.

Monthly gains for the token stand at 688% compared to Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) gains of 106% and 238%, respectively.

Also Read: Dogwifhat Off The Leash With 16% Single Day Rally - 'WIF Has Captured The Meme Zeitgeist,' Says Bloomberg Host

Why It Matters: Musk’s tweet has sparked a wave of speculation and investment in the frog-themed token.

Based on Coinglass data, derivatives data analysis shows volumes expanding by 56% to $1.36 billion, while open interest is up 4% to $112.5 million. It crossed the $100 million mark on March 5.

Crypto VC Andrew Kang tweeted the following:

As the third-biggest meme coin on the market, Pepe is in the spotlight currently with the crypto community eagerly awaiting whether the token can erase one zero from its price.

Read Next: Pepe Coin Takes 100% Of Holders Into The Green: Is A Coinbase Exchange Listing Next?

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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