Pepe has gained 3% after Elon Musk’s meme featuring a frog cigarette smoking was posted on X. On the daily charts, the memecoin has outperformed the top 10 crypto-projects by market capital. Bitcoin (BTC), Ethereum’s (ETH) and Ripple XRP have, however, risen 0.4%, 1,1% and 0.9% in the same period.
Can PEPE break out?
Although the green zone of the daily chart is occupied by the memecoin with a frog theme, the trade continues in the red area in all other time frames. PEPE has fallen 15.6% on the weekly charts and 11% on the 14-day chart. It is also down 18.4% from the month before, as well as 10.7% in comparison to June 2024.
Elon Musk has often sparked crypto rallies through his social media posts. Dogecoin rallies have been sporadic in recent years, mainly due to his posts about the memecoin. Musk could have shared the PEPE joke due to A setback SpaceX Starship, his prototype. During testing, the rocket burst into a fiery fireball.
PEPE’s price will likely be corrected in the very near future. Musk’s meme for X simply isn’t enough to keep the memecoin on a rally. Musk isn’t the only one to use PEPE images on X. He used to use a version of Pepe as a warlord as his display image.
The Cryptocurrency Market Continues to Swell
In the past couple of weeks, crypto has had a hard time gaining momentum. Investor confidence has been affected by global geopolitical tensions. Investors around the world have been shaken by the escalation in Israel-Iran tensions. Federal Reserve has also kept interest rates the same after their recent FOMC Meeting.
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These developments have caused a significant outflow of funds from the cryptocurrency market. Particularly risky assets suffered. As a memecoin PEPE carries a higher level of risk than most other crypto currencies. It is likely that the coin will continue to glow until global tensions are more stable and certain. Investor sentiment needs to improve dramatically before memecoin is able to break out.
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Source: watcher.guru
