PEPE has seen a rise in its price action, making it trade as the second best performer of the day after Elon Musk’s twitter profile change sparked market confusion.
Elon Musk on December 31st changed his name and profile picture on platform X, keeping it as “Kekius Maximus”.
The image seemed very similar to that of Pepe the frog, confusing investors, who in return flocked to buy PEPE. This made the coin trade up over 6% and made it land among one of the best performer of the day.
Elon Musk’s X Profile Change
Elon Musk on the last day of 2024 has changed his X profile name and image to “Kekius Maximus”. The move sparked a surprising market reaction, demonstrating the impact of social media on cryptocurrency markets.
As UnoCrypto reported, the move saw an extraordinary 27,550% increase in the $KM token price. Despite there being no verified direct link between Musk and the token, the remarkable price surge happened just hours after Musk updated his profile.
Market Confuses Elon Musk’s X Profile Picture
Despite Musk’s move to change his profile picture to that of “Kekius Maximus”, it seems like the market has confused the picture as PEPE.
Many investors are looking at it as a “hilarious and sardonic homage to the meme’s long history in internet culture”, thinking that the picture is the artwork that depicts Pepe holding a video game controller while wearing golden armor.
Despite the picture not being PEPE, the coin has skyrocketed over 6% in the trading day.
PEPE Price Prediction: What Do Market Parameters Say?
Pepe at present is one of the most popular memecoin in the market. The Fear & Greed Index for the coin is currently 64 (Greed), while the sentiment is neutral.
Over the past 30 days, Pepe’s price volatility was 13.03% and it had 16 out of 30 (53%) green days. Additionally, market parameters show that the overall sentiment for the Pepe Coin price is neutral, with 13 technical analysis indicators indicating bullish signs and 11 indicating bearish signals.
If the predicted price does go up as per prediction, then Pepe Coin’s 200-day SMA will increase over the course of the upcoming month, reaching $0.00001608 by January 30, 2025.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The PEPE market is currently in a neutral condition, as shown by the RSI figure of 47.53.