- Elon Musk’s latest PEPE meme caused a brief 3% price jump, but no evidence confirms he owns the token.
- Musk’s past memes have also influenced PEPE, but he’s never publicly discussed it like he has Dogecoin.
- PEPE remains down over the month, with macroeconomic and geopolitical pressures adding to its decline.
Pepe (PEPE) saw a quick price rally on Thursday after Elon Musk shared an image of the iconic frog smoking a cigarette on X. The memecoin jumped 3% shortly after the post. Known for his support of Dogecoin (DOGE), Musk’s influence on memecoins is undeniable. And now, many are starting to wonder if he might have a financial stake in PEPE too.
Does Musk Actually Own PEPE?
This isn’t the first time Musk has sent PEPE surging. Back in late 2024, he briefly changed his X handle to “Kekius Maximus” and used a warrior-style frog image as his profile picture. That alone triggered a spike in PEPE’s price. Despite these nods, Musk has never explicitly acknowledged owning the token or even speaking about it directly.
Some speculative posts on X claim Musk holds up to $10 million worth of PEPE, but none offer real evidence. Most of the time, those claims end with a classic “trust me, bro” reply, leaving things in the realm of rumor rather than fact.
PEPE Price Struggles Despite Brief Musk Bump
While Musk’s post gave PEPE a quick lift, it didn’t last long. The token is now back in a downward trend, dropping 2% over the last 24 hours and posting losses across all recent timeframes: down 4.7% on the week, 7% over two weeks, and over 27% for the month. Since June 2024, PEPE is down nearly 12%.
Market Uncertainty Weighs on Memecoins
The broader crypto market has struggled to gain traction in recent weeks. The Federal Reserve’s decision to hold interest rates steady has added to market caution, and ongoing global geopolitical tensions aren’t helping either. All of this is weighing on memecoins like PEPE, which tend to be more sensitive to market sentiment.
