Elon Musk, the tech mogul and avid internet meme aficionado, seems to have discovered a new digital currency to support: PEPE, the frog-themed cryptocurrency. A recent post on Musk’s X (formerly known as Twitter) feed showcased PEPE, piquing the interest of his vast follower base. The image displayed on the post included the following captions:

“The first amendment is for sharing memes with frens. The second amendment is for when they try and stop me from sharing memes with frens.”

Following Musk’s endorsement, the value of the meme-based digital coin surged by a significant 23%. However, by the end of the day, the coin experienced a 12% decline, trading at $0.000009257.

In other cryptocurrency news, an unidentified virtual currency whale transferred a massive sum of 2 trillion PEPE coins from Binance to Crypto.com. This transfer, valued at approximately $20 million at the time, occurred on the same day. Similarly, a mysterious transaction involving 500 billion PEPE coins, worth about $4.3 million, took place on Binance just 24 hours earlier, potentially resulting in a profit of around $1.32 million.

Musk, known for his fondness for internet memes, has been openly supportive of meme-based digital currencies since 2020, particularly Dogecoin [DOGE]. Musk's recent endorsements of slightly lesser-known cryptocurrencies like PEPE and the Milady meme coin (LADYS) have sparked speculation among investors. Additionally, Musk has been vocal in his criticism of the traditional fiat financial system, recently likening fiat currency to "scam coins," while advocating for alternative digital currencies.