One of the most talked about altcoins in April and May has been PEPE token (CRYPTO: PEPE), a coin inspired by the popular Pepe the Frog meme. After a recent pullback, PEPE enjoyed a rally Saturday that may have been inspired by one of the richest people in the world.

What Happened: Launched in mid-April, Pepe Coin quickly soared in value. The coin was one of the fastest to ever hit a $1 billion market capitalization, and some early investors have made large returns on their initial investments.

The coin also became the subject of a recent controversy involving cryptocurrency trading platform Coinbase Global (NASDAQ: COIN). In an email and blog post, Coinbase pointed to the meme's designation as a “hate symbol” by the Anti-Defamation League. The commentary was seen by many in the cryptocurrency sector as being one-sided. An apology was later tweeted by Coinbase’s chief legal officer, but the lack of an official apology from the company fell short with many Pepe investors, who encouraged users to delete the Coinbase app.

Still, Pepe may have gotten support from someone else on Saturday: Elon Musk. 

Known for his support of Dogecoin (CRYPTO: DOGE), Musk has caused many spikes in the cryptocurrency since first tweeting about it.

On Saturday, Musk shared a meme on Twitter, tweeting, “Explaining Constitutional Amendments.”

Explaining Constitutional Amendments pic.twitter.com/oYkMPBe9Zi

— Elon Musk (@elonmusk) May 13, 2023

The meme features Pepe the Frog and a message that says that the First Amendment is for “sharing memes with frens.”

Shortly after the tweet was posted, PEPE enjoyed a surge in price and volume.

Later that day, Musk shared an old video of two fake employees discussing their "termination" from Twitter. “Feels so long ago …,” Musk tweeted while sharing the clip. In the video, Pepe the Frog can be seen several times near the news ticker. 

Related Link: Where Can I Buy PEPE 

Why It’s Important: Users were quick to point out that Musk had shared two tweets featuring Pepe the Frog.

While Musk has not publicly come out in favor of PEPE, some believe his tweets were a subtle sign of support.

In 2021, Musk's tweets about — and support for — Dogecoin may have led to the cryptocurrency hitting an all-time high in May of that year. The billionaire's recent tweet featuring a Milday NFT led to a price increase in the NFT and a coin that shares a similar name.

While Pepe Coin has pulled back some from its peak, the rally following Musk’s tweets could signal another move.

PEPE Price Action: Pepe Coin is up 18% in the last day and trades at $0.000001889 at the time of writing versus an all-time high of $0.000004354.

Read Next: Here's How Much $100 Invested In PEPE Today Will Be Worth If Coin Hits New All-Time Highs 

Photo: Shutterstock

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