Pepe (PEPE) experienced a price rally on Thursday after Elon Musk shared a picture on X of the frog smoking a cigarette. The memecoin’s price went up by 3% following Musk’s post. Now Musk has publicly stated that he is a fan of Dogecoin (DOGE), the original memecoin. Given his affinity for memecoins, many wonder whether the world’s richest man has invested in the frog-themed crypto.
Is Elon Musk A PEPE Investor?
Musk has influenced PEPE’s price on numerous occasions. The tech-billionaire changed his X handle to “Kekius Maximus” in late 2024, while changing his display picture to a rendition of the frog as a warrior. His actions led to a substantial price rally for the memecoin.
While Musk has engaged with the Pepe meme, he has never publicly spoken about the memecoin. His adoration for Dogecoin (DOGE) is known. But there is no known record of the billionaire speaking about any other memecoin.
Long answer short, there is no clear way to know for sure whether Musk has invested in PEPE or not. Many posts on X suggest Musk holds $10 million in the memecoin. Such posts do not give a clear picture. When asked for sources, people usually just get the “trust me bro” from other users.
Major Correction For The Memecoin
PEPE has faced a substantial price correction over the last few days. The asset made some gains on Thursday after Musk’s post, but has since dipped once again. PEPE is down 2% in the daily charts, 4.7% in the weekly charts, 7% in the 14-day charts, 27.1% over the previous month, and 11.8% since June 2024.
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The crypto market has struggled to gain momentum over the last few weeks. The Federal Reserve decided to hold interest rates after its latest FOMC meeting. The development may lead to continued bearishness in the market. Global geopolitical tensions have also added to investor woes.