Pepe Coin Price Surges 18.47% Amid Elon Musk’s Endorsement

The Pepe coin price is ending 2024 on a high note, surging by almost 20% and erasing some of the losses made this month. As the third-biggest meme coin, it climbed to a high of $0.000022, its highest level since December 18.

The rebound came after Elon Musk, the wealthiest person in the world, updated his X profile picture to a Pepe-like image. Musk, with over 234 million followers on X and a fortune of nearly half a trillion dollars, has significant influence globally. His action could indicate growing interest in Pepe, similar to his previous engagement with Dogecoin.

Musk’s tweets about Dogecoin in 2020 preceded its public surge in 2021, helping DOGE become the largest meme coin with a market cap of over $47 billion. One notable tweet reads:

One word: Doge

Pepe has experienced significant growth since its inception in 2023, with its market cap soaring from near zero to a peak of over $10 billion earlier this month. The token has surged by nearly 1,500% in the past year, ranking it among the best-performing meme coins.

Investor Performance and Market Analysis

According to IntoTheBlock, 70% of all holders, or about 178,000 people, are in profit, while 24% have incurred losses. The remaining investors are at breakeven.

The daily chart shows that the Pepe coin price peaked at $0.00002833 earlier this month before pulling back. It bottomed at $0.0000145, which coincides with the 50% Fibonacci Retracement point, and formed a hammer pattern. This pattern is often a bullish signal.

Pepe has now climbed above the key resistance level of $0.00001950, its highest swing on December 24. It is also trading above the 200-day and 100-day moving averages.

Potential for Further Gains

Given these bullish indicators, Pepe is likely to continue rising, with bulls targeting the year-to-date high of $0.00002833, which represents about a 33% upside from the current level. Potential catalysts for further gains include:

  • Donald Trump’s upcoming swearing-in
  • The expected FTX distributions, with some of the $16 billion potentially being reinvested into cryptocurrencies, boosting Pepe

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