Tech magnate and meme enthusiast Elon Musk highlighted memes once more in a post on Twitter/X on Wednesday, seemingly endorsing this trend and reinforcing his support for it. Though he has always loved memes, he didn’t tweet that “who controls memes, controls the universe” until 2020. Musk likes the original DOGE joke coin.
PEPE soars on Elon Musk’s tweet
Given that the image he released included Pepe the Frog, the Pepe meme currency price spiked by an astounding 23.46% right away. There was a significant drop that came after it, so the total increase in PEPE for the last 24 hours is 13.73%.
The Milady meme coin’s official account (LADYS) shared Musk’s tweet today. Musk shared a meme using the company’s mascot in the middle of May 2023, which helped drive LADYS’ incredible rise by 12,056%.
https://x.com/miladymemecoin/status/1768093124708954480?s=20
The same day, a huge PEPE chunk of 2,248,769,006,203 coins was moved from Binance to Crypto.com by an unidentified crypto whale. At the time of the purchase, the PEPE was valued at $20,219,806 in total.
One day prior, a another enigmatic whale contributed 500 billion PEPE, valued at $4.3 million, to the Binance platform, potentially yielding a profit of $3.36 million (+30.9%). Ten days have passed since this trader began his PEPE transaction, based on the @spotonchain analytics account.
Elon Musk’s tweet equalizes USD and scam coins
Elon Musk, a centibillionare and meme enthusiast, also tweeted on Wednesday indicating that he thought the US dollar was not entirely sustainable. He shared a screen grab of another tweet that discussed cryptocurrency scams but was not made by him.
According to the tweet’s author, a scam coin depicted in the screenshot possesses several “notable” traits common to scam cryptocurrency: 27 trillion coins in circulation, an infinite supply cap, a single node, 25% of the total supply created just last month, and 30% of the supply owned by just 1% of holders.
The tweet’s author pointed out how comparable this is to the US currency given the Fed Reserve’s ongoing creation of money. Elon Musk appears to be in agreement with the original tweeter by reposting this.
