Pepecoin (PEPE) rose to the top spot in terms of social engagement activity, beating out the likes of Bitcoin (BTC), in the recent wave of crypto buzz. According to the data provided by LunarCrush, PEPE activity on popular social media platforms measured by likes, retweets, comments, bookmarks, influential account participation and more is higher than that of Bitcoin. The sudden rise in the buzz surrounding the "Pepe" token was initially sparked on May 13 when Tesla CEO Elon Musk wrote a tweet indirectly referring to the meme character. The official Pepe Coin account responded to Musk with the phrase “Seize the memes of production”, a nod to the well-known saying “seize the means of production”. PEPE's price rose in the aftermath, although it has since pared its intraday gains and is currently down 8.09% in the 24 hour period at the time of writing.

The Gemini 1 billion Pepe giveaway campaign is thought to have contributed to the spike in social engagement activity surrounding PEPE. Crypto exchange Gemini launched a promotion giving away 1 billion Pepe to one lucky winner as part of their celebration of the token's listing. The main criterion for entries to be considered was to retweet the post that Gemini had made about the PEPE token, adding to the sense of anticipation and excitement that is commonly seen around the launch of major new projects.

In spite of the successes the PEPE currency has seen in recent weeks, there has also been some controversy directed its way. Coinbase released a statement which pointed out that Pepe the Frog had been “co-opted as a hate symbol by alt-right groups”, leading to confusion about the legitimacy of the token. However, the exchange’s top legal officer later apologized and acknowledged the positive impact that PEPE was having on its community.



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