Pepe Coin price is ending 2024 with a strong rise as it rose by almost 20%, recouping some of the losses suffered this month.
Pepe (PEPE), the third largest meme coin, climbed to a high of $0.000022, its highest level since December 18th. The boost came after Elon Musk, the world’s richest person, changed his X profile picture to a Pepe-like image.
Musk, one of the most influential people in the world, has over 234 million followers on X, close ties to Donald Trump and a fortune of almost half a trillion dollars.
His action could indicate a growing interest in Pepe, similar to his previous involvement with Dogecoin (DOGE). Musk’s tweets about Dogecoin in 2020 preceded his public outburst in 2021 and helped make DOGE the largest meme coin with a market cap of over $47 billion.
Pepe has experienced remarkable growth since its founding in 2023, with its market capitalization rising from near zero to a peak of over $10 billion earlier this month. The token has risen almost 1,500% in the past year, making it one of the best-performing meme coins.
Pepe has created significant wealth for many investors. According to IntoTheBlock, 70% of all holders, or about 178,000 people, are making profits, while 24% have suffered losses. The remaining investors are at breakeven.
Pepe Coin price analysis
The daily chart shows that the price of Pepe coin peaked at $0.00002833 earlier this month before declining. The low was at $0.0000145, which coincides with the 50% Fibonacci retracement point, forming a hammer pattern. This pattern…
