Elon Musk, tech tycoon and renowned internet meme enthusiast, appears to have found a new digital currency to champion: PEPE, the frog-themed cryptocurrency. A recent image on Musk’s X (formerly known as Twitter) dashboard displayed PEPE, intriguing his massive follower base. Displayed on the image were the captions:
“The first amendment is for sharing memes with frens. The second amendment is for when they try and stop me from sharing memes with frens.”
Following Musk’s post, the value of the meme-based digital coin jumped a substantial 23%. However, the coin ended the day with a 12% dip, trading at $0.000009257.
In other crypto news, a yet-to-be-identified virtual currency whale transferred an enormous amount of 2 trillion PEPE coins from Binance to Crypto.com. The transfer, worth roughly $20 million at the time, took place on the same day. Similarly, a mystifying trade of 500 billion PEPE, worth about $4.3 million, was made on Binance just 24 hours prior, possibly resulting in a profit of approximately $1.32 million.
Musk, a fan of internet memes, has embraced meme-based digital currencies publically since 2020, with a special preference for Dogecoin [DOGE]. Musk’s recent posts on slightly lesser-known cryptocurrencies such as PEPE and the Milady meme coin (LADYS) have left investors speculating. Furthermore, Musk has been open in his criticism of the traditional fiat financial system, recently equating fiat currency to “scam coins,” while advocating alterative digital currencies.