The price of PEPE part (CRYPTO: PEPE) is up sharply this Tuesday after the billionaire Elon Musk changed his name on social media platform X to Kekius Maximus and his profile picture to an image of Pepe the Frog playing video games.
While the changes made by Elon Musk to Here is a look back at these events.
What happened? Pepe Coin, based on the popular Pepe the Frog meme, launched in 2023 and has attracted interest from the cryptocurrency community. The number of holders quickly increased thanks to the meme's intrinsic popularity and name recognition.
If Pepe Coin's first year was memorable, the cryptocurrency's second year included a listing on Robin Hoodoffering greater accessibility to investors. The cryptocurrency hit a new all-time high in December, after many other cryptocurrencies reached new highs following the 2024 presidential elections.
The Pepe the Frog meme was created by the artist Matt Fury. With the meme so well known, the fact that it is used by the richest person in the world and the most followed account on X could help boost interest in cryptocurrency.
Elon Musk changed his name to Kekius Maximus on the X platform in late December 2024, while choosing a profile image that appears to associate Pepe the Frog with a gladiator playing video games. This change led to the creation of a new meme cryptocurrency Kecius Maximus (CRYPTO: KEKIUS) and an increase in Pepe transactions of over 11% in the last 24 hours at the time of writing.
Musk also tweeted that he would reach level 80 in the game Path of Exile 2, a post related to the game he loves to play.
The term “Kek” is a term used in video game culture, often translated as lol or haha, based on translations of popular games such as World of Warcraft and Starcraft. There's also the Egyptian god Kek, who has appeared in the Pepe the Frog meme since the 2016 election, according to the Dictionary.com report.
The recent name and profile photo change is not the first such change Musk has made on Twitter.
On March 13, 2024, Elon Musk used a meme featuring Pepe the Frog to explain the First and Second Amendments, as reported by Coinmarketcap. This could be his first use of a Pepe the Frog meme on X. This could be an entry point for investors looking to buy Pepe based on potential support from Elon Musk.
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Invest $1,000 in PEPE Coin: On March 13, 2024, Pepe Coin reached an all-time high of $0.000009332. An investment of $1,000 at the time would have purchased 107,158,165.45 PEPE.
Based on a current price of $0.00002047 for PEPE at the time of writing, the $1,000 investment would be worth $2,193.53 today. This represents a potential gain of 119.4% over the past nine months.
For comparison, the same $1,000 invested in Musk's favorite cryptocurrency, Dogecoin (CRYPTO: DOGE) or in the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, would not have performed as well.
The same $1,000 investment in Dogecoin would be worth $1,829.74 today, an increase of 83% over the period. The same $1,000 investment in the SPDR S&P 500 ETF Trust would be worth $1,129.76 today, an increase of 13.0% over the same period.
Benzinga previously explained how investing in Dogecoin in April 2019 or July 2020, when Musk mentioned Dogecoin in comments and posted his first post, could have generated substantial profits.
There is no guarantee that Elon Musk will completely switch from Doge memes to Pepe memes while maintaining his cryptocurrency's momentum, but the cryptocurrency industry will likely be watching this closely in 2025.
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