Elon Musk’s Tweet Sparks Surge in Memecoin PEPE
Release: 2024/03/13 19:09 Reading: 228
You can also read this news on COINTURK NEWS: Elon Musk’s Tweet Sparks Surge in Memecoin PEPE
Famous billionaire Elon Musk‘s unexpected share today about the Pepe meme at X sparked great interest in the world of cryptocurrency, especially among meme-based crypto enthusiasts. Following Musk’s statement, Pepe (PEPE), a project that combines memes with Blockchain technology, saw a significant rise, unlike the recent declines observed in popular memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI).
Memecoins Gain Momentum: PEPE Coin Especially Accelerates
Musk’s tweet showing interest in the Pepe meme received responses from various significant figures on the platform, particularly increasing speculation and interest in PEPE coin. The unexpected endorsement from one of the world’s leading entrepreneurs contributed to the rising momentum surrounding memecoins amidst discussions of a potential end to the memecoin season.
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While DOGE, SHIB, and FLOKI have experienced significant declines in recent days, the rally in PEPE coin has caused optimism among investors and signaled a potential shift in market dynamics. The altcoin saw a noteworthy increase of over 10% in price in the last 24 hours, rising to $0.000009314. The trading volume also saw a significant increase, accompanying this rise in price.
Open Interest Increases by Over 15%
Data from Coinglass reveals a significant increase in PEPE’s open interest, indicating rising investor interest. With open interest rising by 15.33% to $125.44 million and volume increasing by 48.49% to $1.38 billion, Pepe coin experienced an uptick in new investments and contributed positively to the overall market performance.
PEPE coin‘s technical indicators are signaling a market dominance of buying sentiment. The Relative Strength Index (RSI) hovering around 72 indicates a potential consolidation following an overbought signal.
Musk’s tweet and the subsequent rise have increased optimism among investors, leading to further speculation about the altcoin’s future price movements.
The post first appeared on COINTURK NEWS: Elon Musk’s Tweet Sparks Surge in Memecoin PEPE
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