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Elon Musk once again stirred the cryptocurrency market, this time with a profile update on X (formerly Twitter). The move caused a significant rise in the value of PEPE token, which gained 12.31% in a single day. This surge was accompanied by a 130% increase in trading volume, highlighting the strong investor interest in meme coins.
PEPE and KEKIUS Tokens Soar
Following Musk’s update, where he changed his username to “Kekius Maximus” and displayed a profile picture of Pepe the Frog as a Roman general holding a joystick, the PEPE token climbed from its daily low of $0.00001779 to $0.00001998. This 12.31% increase was supported by robust trading activity, with the token’s trading volume surging 130%.
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According to technical analysis, PEPE’s RSI stands at 62, indicating further bullish potential. Data from Coinglass reveals a significant rise in open positions for PEPE, increasing by 18% to reach $153 million. The daily Long/Short ratio edged closer to 0.994, suggesting that more investors are opening long positions and expecting continued growth. Meanwhile, the newly launched KEKIUS token also experienced a rapid value increase, riding the wave of Musk’s influence.
The Broader Impact on the Meme Coin Market
Elon Musk’s influence on meme coins is well-documented, with past mentions of Dogecoin and PEPE leading to massive market movements. Following this latest incident, the total market cap of meme coins rose by 2.4% to $108 billion. Additionally, 24-hour trading volume reached $13.62 billion, reflecting sustained investor interest.
Whales took advantage of the opportunity, accumulating large amounts of tokens. One notable transaction included the purchase of $6.1 million worth of PNUT tokens. In parallel, a massive $149 million transfer of Dogecoin was recorded, showcasing the continued interest in major meme coins.
What This Means for Meme Coin Investors
As the meme coin market continues to react strongly to Musk’s actions, it highlights the potential for both rapid gains and volatility. For readers of Turkish NY Radio, staying informed about such developments is essential for navigating this dynamic sector.
