PEPE gains 12% as Elon Musk updates X profile with frog-themed avatar

The crypto market displayed faded excitement on the last day of 2024, with Bitcoin swaying beneath $95K, currently trading at $93.2K.

However, SpaceX and Tesla CEO Elon Musk stirred the community by updating his X profile.

Musk triggers crypto community with new X profile

The tech entrepreneur changed his name to Kekius Maximus.

Moreover, his new display photo features the popular Pepe the Frog meme, which inspired the PEPE token launch in April 2023.

The photo features a Roman general-dressed Pepe the Frog as Kekius Maximus.

Musk’s post referred to Path of Exile, an online game where hitting level 80 represents a crucial milestone.

Crypto community and PEPE’s reaction

Cryptocurrency enthusiasts reacted quickly to Musk’s updates, displaying optimism regarding Pepe the Frog and meme token PEPE.

The reply section had many mentioning the alt’s ticker, $PEPE.

Furthermore, some individuals launched a new meme token, KEKIUS.

The frog-themed coin soared following Elon Musk’s move.

PEPE jumped from the daily low of $0.00001779 to $0.00001998 – a 12.31% surge on the daily chart.

Chart by Coinmarketcap

PepeCoin trades at $0.00001982, with a 130% surge in trading volume indicating robust trader interest.

Technical indicators support PEPE’s bullish trajectory.

The 4H Moving Average Convergence Divergence has approached a bullish crossover with the signal line, reflecting a possible buyer resurgence.

Moreover, the Relative Strength Index at 62 confirms more room for PEPE gains before hitting overbought conditions.

Derivatives market data also confirms the renewed optimism, according to Coinglass.

PEPE’s open interest has increased by 18% to 153 million. Also, the daily Long/Short ratio nears 1, currently at 0.994.

That shows more traders opening longs, reflecting confidence in alt’s trends.

Meanwhile, Elon Musk has been a prominent figure in the crypto space over the past years.

He established his name in the market after propelling Dogecoin to all-time highs with a series of posts on X in 2021.

The Dogefather even hinted at integrating DOGE for Tesla merchandise and facilitating X payments.

Musk briefly switched his Twitter blue bird logo with a Dogecoin mascot in 2023 – after purchasing the social media platform and rebranding it to X.

Furthermore, Musk has posted PEPE-linked characters in the past.

For instance, Musk retweeted a generated photo of Kekius Maximus on December 10.

Meme crypto market outlook

Themed digital coins display resilience amidst the ongoing broad market sell-offs.

CoinGecko data shows meme market cap increased by 2.4% within the past day to $108 billion.

Moreover, the $13.62 billion 24-hour trading volume confirms robust interest in the asset class’s prevailing performance.

Source – CoinGecko

Also, large-scale investors accumulated the latest meme token dip.

For instance, one investor purchased PNUT worth over $6.1 million for the first time.

That suggests confidence in the alt’s future performance.

Further, the original meme token Dogecoin sees magnified whale activity.

Whale Alert highlighted an address that transferred DOGE worth over $149 million.

Moreover, another large-scale investor moved 350 million tokens yesterday.

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