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Elon Musk's tweet about Pepe turned $1,000 into a fortune - Can PEPE increase 100 times from here?
Elon Musk's recent activity on X (formerly Twitter) has once again attracted attention to the Pepe (PEPE) coin. By renaming it to 'Kekius Maximus' and changing the profile picture to a warrior inspired by Pepe playing video games, Musk has sparked new interest in this meme coin. PEPE's price surged by 11% after his post, showing the influence of one of the richest individuals in the world on the cryptocurrency market. Pepe, launched in April 2023, has attracted attention early on due to its association with the globally famous Pepe the Frog meme.
The accessibility of this currency will increase in 2024 after being listed on Robinhood, and December witnessed this currency reaching a new record high along with a broader cryptocurrency market rally. Musk has a history with the Pepe meme, previously using a meme in March 2024 to illustrate the first and second Mainnet. His cheerful affirmations often stir market sentiment, making PEPE a hot topic among retail investors. Numbers: How $1,000 investment has grown On March 13, 2024, PEPE was traded at $0.000009332. An investment of $1,000 at this price will buy 107,158,165.45 PEPE. As of today, with the price of PEPE at $0.00002047, that investment would now be worth $2,193.53—an impressive increase of 119.4% in just nine months. This growth highlights the potential of meme-based cryptocurrencies, especially when driven by celebrity validation. However, volatility remains a significant risk.
PEPE's daily technical outlook: January 1, 2025 PEPE (USDT) is currently trading at $0.000019, down 7.50% in the past 24 hours with a trading volume of $2.88 billion. Despite this decline, the 4-hour chart still displays a symmetrical triangle pattern, indicating the possibility of a breakout. Resistance levels: The current resistance level is at $0.00002194, with further resistance levels at $0.00002463 and $0.00002730. Support levels: The immediate support level is $0.00001892, followed by $0.00001721 and $0.00001446. RSI at 53.28 signals neutral momentum, while the EMA 50 at $0.00001912 indicates a slight bullish sentiment. A decisive breakthrough above $0.00002194 could propel the increase, while failure to hold $0.00001892 may lead to further decline. Key Points Musk's Influence: Elon Musk's enthusiastic support on X has driven a sharp increase in PEPE's price in the short term, highlighting his impact on the cryptocurrency market. Investment growth: A $1,000 investment in PEPE nine months ago would now be worth $2,193, representing a 119.4% increase. Technical Setup: The symmetrical triangle pattern indicates potential volatility as traders closely monitor key resistance and support levels.