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Pepe Coin Surges 12% Amid Elon Musk's Promotion; EU Introduces AI Law

Elon Musk's Pepe promotion sparks a surge in Pepe coin as EU introduces AI law.

Elon Musk's Pepe meme-related post ignited a Pepe coin surge as crypto enthusiasts brace for potential meme coin season's end while the EU prepares to enact groundbreaking AI legislation.

Elon Musk's Pepe Meme Interest Sparks Bullish Surge, Defies Meme Coin Season Trends

Today, Musk's post revealed a glimpse into the world's most famous entrepreneur's interest in the Pepe meme. Numerous responses from renowned individuals on the platform added to this sense of interest, and Pepe coin continued to paint a bullish picture for itself in the broader crypto market.

Meanwhile, with the possibility of a meme coin season-ending, DOGE, SHIB, and FLOKI have recently seen significant drops. In contrast, this rally immediately sparked bullish sentiment among investors, as market dynamics indicated a significant uptrend for the meme token.

CoinGape reports that Pepe coin's price increased by 12.82% in the last 24 hours and is now trading at $0.000009314. Pepe coin's 24-hour trading volume increased by 28.53%, and its market capitalization increased by 13.40%, indicating that bulls were taking control of the market.

Notably, Coinglass data showed a 15.33% increase in the meme coin's open interest, which reached $125.44 million, while volume increased 48.49%, reaching $1.38 billion. This indicated an uptrend in PEPE within the market, coinciding with the price surge as investors rushed in, bringing new money into the market and fueling market activity.

Trading View's technical indicators revealed a strong buying sentiment in the market. The RSI hovering around 72 indicated that the coin was ready for a consolidation phase, as an overbought condition existed. However, with Musk's post and the rally, a tidal wave of optimism for the meme coin continues.

EU's Groundbreaking AI Legislation Faces Debate Over Collaboration and Competitiveness

In a watershed moment for the tech industry, the European Union (EU) is poised to pass the most comprehensive Artificial Intelligence (AI) legislation. The EU's AI Act seeks to balance innovation and fundamental human rights. Still, collaborations with industry giants such as Microsoft have sparked debate about the law's potential limitations.

As the EU Parliament meets to finalize the legislation, concerns about its impact on the continent's competitiveness in the global AI race are raised.

Photo: CompareMarketCap/X

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