In a notable show of support for meme culture, tech magnate Elon Musk recently highlighted memes in a significant post on X, previously known as Twitter. Known for his affinity for meme-inspired digital assets, particularly Dogecoin (DOGE), Musk’s engagement with memes has long been a part of his public persona.
His declaration in 2020, stating “who controls memes, controls the universe,” underscores his belief in the power of internet culture.
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PEPE Price Surges on Musk Tweet
This reinforcement of meme culture coincided with significant activity in the cryptocurrency market, particularly affecting PEPE coin. A substantial transaction saw an anonymous crypto whale moving an eye-watering 2,248,769,006,203 PEPE coins from Binance to Crypto.com, valued at approximately $20,219,806 at the time of transfer.
Furthermore, another mysterious investor had previously shifted 500 billion PEPE coins, worth $4.3 million, to Binance, securing a potential profit of $3.36 million (+30.9%) from a trade initiated just ten days earlier, as reported by analytics account @spotonchain.
Musk’s critique of the U.S. dollar through a meme comparison further stirred the conversation. He shared a tweet highlighting the unsustainable aspects of the U.S. dollar, drawing parallels to characteristics of scam cryptocurrencies, such as a circulating supply of 27 trillion, an unlimited supply cap, and a concentration of 30% of the supply in the hands of 1% of holders. This move by Musk not only emphasized his skepticism towards traditional financial systems but also spotlighted his engagement with the meme coin sector, indirectly influencing the PEPE price in the process.
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